Taseko Mines, a prominent Canadian mining company, has adjusted its copper production forecast for the year following a significant operational disruption caused by a strike at its Gibraltar mine in British Columbia. The strike, which spanned over two weeks in June, slowed operations and significantly impacted the company's output projections.
The company now anticipates producing between 110 million and 115 million pounds of copper in 2024, a reduction from its initial target of 115 million pounds. The strike's impact was evident in the April-June quarter, where production at the Gibraltar mine plummeted by 29% to 20 million pounds compared to the same period last year. The work stoppage also delayed the final installation of a relocated in-pit crusher and planned maintenance on one of the mill concentrators.
"We are evaluating updated mine plans and throughput opportunities to recover lost production," stated Stuart McDonald, Taseko’s Chief Executive Officer.
In addition to copper, the production of molybdenum, a by-product of the mining operations, experienced a decline. Quarterly molybdenum output decreased by 20% to 185,000 pounds from the previous year.
This revision underscores the challenges faced by mining operations amid labor disputes and highlights the ongoing efforts by Taseko Mines to mitigate the impact on their production targets.
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