BASE METALS

Floods to hit Taseko sales in December quarter

Flooding in southern British Columbia has hit Taseko Mines’ copper shipments in the December quarter, meaning sales are expected to be significantly below production, the company said on Monday.

Taseko Mines' Gibraltar asset is located in south-central British Columbia, the second largest open pit copper mine in Canada

Taseko Mines' Gibraltar asset is located in south-central British Columbia, the second largest open pit copper mine in Canada

Taseko said although production from its Gibraltar mine had not been affected, damage to rail and highway infrastructure had prevented shipment of copper concentrate to the port of Vancouver over the past two weeks.

"Rail service is now resuming and is expected to gradually return to normal, but the recent disruptions will impact fourth quarter sales volumes which could be significantly lower than copper production for the period," said Taseko's CEO Stuart McDonald.

McDonald added any excess concentrate inventory at year-end would be sold in the first quarter of 2022.

Taseko also said it had struck a new labour agreement with union workers at Gibraltar out to 2024.

Shares in the company were trading at 154p on Tuesday afternoon in London. Taseko is capitalised at US$573 million.

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