Taseko Mines Limited announced a substantial increase in Gibraltar Mines proven and probable sulphide reserves.
What does that mean?
Vice President of Corporate Affairs for Taseko Mines Limited Sean Magee explains.
“That leads to quite a substantial increase in the reserves, about 40 percent or 200 million tons of ore, and that means an extra six years of operating life. We’ve extended the future life of the mine from about 17 years to 23 years.”
Magee added that Gibraltar Mines has supported a long-range of economic and social benefits to the people of the Cariboo for many decades now and for many decades into the future after the announcement of this new reserve.
In a release, President and CEO of Taseko Mines Limited, Stuart McDonald said Gibraltar has been their cornerstone asset since it was restarted 17 years ago, and with the extended mine life, the company expects it will continue to generate significant cash flow for many years to come.
“Over the last two years, there has been a dramatic shift in the long-term outlook for copper, as the world accelerates the transition to a green economy. With the improved market outlook, our engineering team updated pit designs which have added 200 million tons of additional reserves to the life of mine plan,” McDonald said.