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News Breaks
March 26, 2014
18:08 EDTTGBTaseko Mines files second judicial review on New Prosperity project
Taseko Mines applied for a second judicial review in respect to the federal government's recent decision on its proposed New Prosperity Gold-Copper Mine Project. Russ Hallbauer, President & CEO of Taseko stated that the New Prosperity project, and specifically Taseko's plan to save Fish Lake, was not evaluated in a fair, open and transparent manner. "We will seek to rectify both the failed process and the decision that stemmed from it in a court of law, the only reasonable option open to us." Taseko maintains it had a legitimate expectation that if any third-party representations were made to the federal government concerning the project after the Panel Review was complete that Taseko would be afforded an opportunity to make responses to those submissions. The company was never given that opportunity. Among Taseko's claims are that government officials held inappropriate closed door meetings with opponents of the proposed mine without Taseko's knowledge or informing the company of the content of those meetings. "We believe that the final government decision failed to consider critical information submitted by the company and thus failed to fully understand our commitment and ability to protect the environment," added Hallbauer. "We were never given a fair opportunity to correct any misrepresentations about the project, nor were we allowed to clarify any misunderstanding on our plan to save Fish Lake." Taseko is asking the Federal Court to set aside decisions by the CEAA, the Minister of Environment and the Governor in Council because of "a failure to observe the principles of natural justice and procedural fairness."
News For TGB From The Last 14 Days
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October 14, 2014
10:01 EDTTGBOn The Fly: Analyst Downgrade Summary
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08:34 EDTTGBTaseko Mines downgraded to Hold from Buy at TD Securities
October 9, 2014
09:08 EDTTGBTaseko Mines: The pit movement at Granite Pit has resulted in plan adjustments
CEO Russell Hallbauer said, "The recent pit wall movement, which was relatively minor, has resulted in plan adjustments which will impact copper production and costs in the short-term. In conjunction with this event, the longer ore haul out of the bottom of the pit has affected our truck fleet productivities, increasing haulage costs. This is a temporary, cyclical situation which will be alleviated when operations transition back to the upper benches of the Granite Pit in the next few weeks. We are currently reviewing alternative mining plans for 2015, with the goal of maintaining a healthy profit margin and cash flow. As part of this review, we are investigating options to address the lower than budgeted waste stripping in 2014, due to shovel availability issues in the first half of the year, and the delayed ore release resulting from the pit wall movement. We have a number of options available to us and will move forward with a plan that addresses these two issues while ensuring the best overall operating margins."
09:07 EDTTGBTaseko Mines announces Q3 production results
Taseko Mines announces third quarter production of 35.4M pounds of copper and 650K pounds of molybdenum from the Gibraltar Mine. Year-to-date production is 108.4M pounds of copper and 1.9M pounds of molybdenum, increases of 23% and 96%, respectively, over the same period in 2013. In the third quarter, total sales were 38.1M pounds of copper and 700K pounds of molybdenum. The Gibraltar concentrators operated at design capacity during the third quarter, averaging 85,000 tons per day. Total throughput for the quarter was 7.8 million tons, a 15% increase over the same period in 2013. While the quantity of ore released in the quarter was as planned, head grade was below forecast due to high wall stability issues that affected the quarterly development sequence. Mining operations were temporarily shifted to ore faces with lower grade ore. The lower grade ore also negatively impacted recoveries.

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