Supriya Ghosh (Editor)

Taseko Mines

Updated on
Edit
Like
Comment
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
Type
  
Public

Headquarters
  
Vancouver, Canada

Number of employees
  
514 (2010)

Traded as
  
NYSE MKT: TGB TSX: TKO

Founded
  
1999

Subsidiaries
  
Curis Resources Ltd

Taseko Mines wwwminingbccasitesdefaultfilesstylesmember

Industry
  
Copper and Gold, Niobium

Key people
  
Mr. Russell E. Hallbauer, Teseko's CEO

Products
  
Copper, Gold,Niobium, and molybdenum

Revenue
  
$218.07 million USD (2007)

Stock price
  
TKO (TSE) CA$ 1.68 -0.03 (-1.75%)24 Mar, 4:00 PM GMT-4 - Disclaimer

Motto
  
Building wealth through developing and operating major copper mines

Profiles

Twitter
Facebook

Taseko talks russell hallbauer and taseko mines


Taseko Mines Limited is a mid-tier copper producer located in British Columbia, Canada. It operates Gibraltar Mine, the second largest open-pit copper mine in Canada, and is in the planning stages for several other mines including the Prosperity Mine, Harmony, and Aley. All production is sold at non-hedged market based prices. The market capitalization currently is roughly 740 million dollars.

Contents

Taseko mines company profile


News

  • August 13, 2008 - Earnings Announcement
  • July 1, 2008 - Jeffrey Mason as Chief Financial Officer resigns
  • June 26, 2008 - Taseko purchases 100 million dollars' worth of mining equipment for Gibraltar phase III
  • May 13, 2008 - Phase III of expansion of Gibraltar announced. Output will rise to ~170-180 million lb of copper per year
  • May 8, 2008 - Electrical transformer failure (results in mill not operating for 10 days)

    • Company history

  • 1991 - Prosperity project acquired
  • July 1999 - Gibraltar acquired from Boliden
  • 2002 - Harmony acquired
  • 2004 - Gibraltar reopened due to high copper prices
  • 2007 - Aley acquired

    • Gibraltar mine

    Operations: Large open pit mine with production ranging from 80-110 million lb copper per year at a cost of $1.20 per lb mined once phase II expansion has been completed.

    Reserves: 2.4 billion pounds of copper and 69 million pounds of molybdenum

  • 1.86 billion lb copper produced 1973-1998

    • Timeline:

  • 1973 - Placer Development opens mine
  • 1996 - Mine sold to Westmin Resources
  • 1998 - Mine closed
  • July 1999 - Taseko purchases Gibraltar from Boliden
  • October 2004 - Mine reopens under Taseko
  • 2006 - Taseko takes over operations at Gibraltar
  • May 2006 - Phase I expansion of Gibraltar announced. Concentrator capacity increases from 36,750 to 46,000 tpd at a cost of 76 million
  • May 2007 - Phase II expansion of Gibraltar announced. Concentrator capacity will increase from 46,000 to 55,000 tpd at a cost of 40 million
  • May 13, 2008 - Phase III expansion of Gibraltar. An additional concentrator will be constructed with an additional output of 30,000 tpd. Which management believes will yield 180 million lb copper per year

    • Prosperity Mine

    Property includes 85 square km in south central British Columbia. A large copper and gold mineralization has been defined on the property containing around 5.3 billion lb copper and 13.3 million oz of gold. The feasibility for the mine was completed on September 25, 2007 and the environmental review process began in July 2008.

    Operations: Large open-pit copper and gold mine with projected production of 108 million lb per year and 247,000 oz of gold per year for 20 years.

    Reserves

    Cost: ~800 million

    In 2009, proven reserves for the mine were 481 million tonnes 0.46 gram per tonne of gold and 0.26 per cent copper. Probable reserves were estimated at 350 million tonnes grading 0.35 gram per tonne of gold and 0.18 per cent of copper (based on a $5.50 net smelter return cut-off).

    Timeline

  • 1991 - acquired by Taseko Mines
  • Sep 25, 2007 - feasibility study completed for 70,000 tonnes per day with 20 year mine life
  • July 2008 - Environmental assessment begins
  • November 2010 - initial open-pit proposal rejected by Canadian Environmental Assessment Agency review board. Environment Minister Jim Prentice and the minority Tory government support the rejection.
  • November 2011 - Taseko President Russell Hallbauer sends a letter to Environment Minister Peter Kent suggesting that the proposal was rejected for "spiritual" rather than environmental reasons.
  • 2014 - Second rejection of mine by Harper government for environmental reasons
  • January 2017 - Attempted revival of dead project that has no support from local First Nation

    • Harmony Mine

    The Harmony property is located on Graham Island, the largest island of the Haida Gwaii archipelago, within the Queen Charlotte Islands, off the coast of British Columbia. The property contains a low-grade gold mineralization that can only be mined profitably at historically high gold prices. Teseko has yet to explore this property and values the property at $1 on its balance sheet as of September 2004.

    Status: Exploration asset

    Reserves:

  • latest engineering study indicated 64 million tonnes at 1.52 grams per tonne. In place resources are ~3 million oz of gold.

    • Cost: No projects pending

    projects pending: N/A

    Timeline

  • 1970's - property discovered
  • October 2001 - property acquired for 2.23 million dollars and preferred stock
  • September 30, 2004 - property value written down to nominal value of $1

    • Location: Aley

    The Aley asset contains Niobium, a rare metal used in the production of special steel alloys that are corrosion resistant. Currently only 2 mines in the world produce the rare metal. The spot price of this metal has risen significantly in the last 5 years, from has low as $6.70 per lb in 2004 to ~$24.00 currently [1]. The property is located near the shore of the lake, about 30 kilometers from the Camp. The price of

    Status: Exploration asset

    Reserves: A feasibility study has not been completed thus-far. The resource estimates are 330-500 million lb with recoveries of which 65% may be recovered

    Cost: N/A feasibility study not completed

    Timeline

  • 1980's – Discovered by Cominco
  • June 2007 - Teseko acquires property for 1.5 million cash + ~894,730 common shares
  • 2008 - Exploration of property begins

    • Financial information

  • Shares listed on the NYSE under the "TGB" symbol
  • Taseko owns 7.318 million shares of Continental Mining, a Chinese mining company [2]

    • References

    Taseko Mines Wikipedia
    (Text) CC BY-SA