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Taseko Mines Limited (TSX: TKO, NYSE AMEX: TGB) is a British Columbia based mining company. Its key assets, all located in British Columbia, Canada are:
- The 75% owned Gibraltar Copper-Molybdenum Mine
- The New Prosperity Gold-Copper Mine Development
- The Aley Niobium Project
- The Harmony Gold Project
The Gibraltar copper-molybdenum mine, located in south-central British Columbia, is the second largest open pit copper mine in Canada. The mine has undergone a $300 million multi-phase expansion and modernization project increasing daily milling throughput from 36,000 to 55,000 tons per day, with annual copper production capacity of 115 million pounds. In addition, Taseko has approved a further capacity increase (GDP3) with the construction of a 55,000 ton per day concentrator, a new molybdenum recovery facility, and mining equipment. Capital costs of GDP3 will be $325 million. Commissioning is anticipated for the fourth quarter of 2012; increasing annual copper production to 180 million pounds.
The New Prosperity Mine Development is one of Canada's largest undeveloped gold-copper deposits. Prior to 2001, the Company had carried out extensive exploration, engineering, mine planning, environmental and socio-economic studies on the development, which hosts a large porphyry gold-copper deposit amenable to large scale open pit mining. After reinitiating work on Prosperity in 2005, the Company focused on completing the feasibility study and advancing the environmental assessment. The feasibility study was completed in late 2007 and confirmed robust economics. The project received its British Columbia Provincial Environmental Assessment Certificate in January 2010.
In February 2011, Taseko submitted the New Prosperity Mine Development project description to the Canadian Environmental Assessment Agency (CEAA). In November of 2011, CEAA announced that the revised plan would be assessed by a federal review panel. The Minister of the Environment directed the agency to ensure that information obtained during the previous environmental assessment is used to the extent possible to ensure a timely decision and that the review take no more than 12 months.
Taseko's Aley Niobium Project is located in northern British Columbia, 140 km north of Mackenzie. Assay results from a recent drill program found high grade, near surface mineralization. The results indicate the deposit has the potential to become a significant low cost, open pit niobium mine. An extensive core drilling program is planned for 2011 to collect preliminary geo-technical data for site design and metallurgical test work.
Taseko also owns the Harmony gold project, located on the west coast of BC. This project provides a longer-term opportunity for additional development.
