July 5, 2018, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB) (“Taseko” or the “Company”) announces that it has purchased copper put options with a US$2.80 strike price for five million pounds per month through December 2018.
“Our strategy has been consistent since 2009; acquire out of the money put options on an opportunistic basis to protect a minimum copper price for a portion of the Company’s production during short-term periods of copper price weakness,” commented Russell Hallbauer, President and CEO of Taseko.
“We acquired the third and fourth quarter put options when the price of copper was at or near a four-year high. The average price for the put options was less than US$0.03 per pound, a small cost for the valuable insurance that the options provide us with to protect our cash flow.”
“While the medium to long-term view on copper remains very bullish, global macroeconomic issues have recently been weighing on the copper price. With the put options in place, and a significant increase in copper production from Gibraltar which started in the second quarter, the Company is in good shape to manage a short-term pull back in the copper price. Additionally, the Canadian dollar price of copper remains at a high level today, over C$3.80 per pound, providing the Company with strong operating margins,” concluded Mr. Hallbauer.
For further information on Taseko, please visit the Taseko website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor Relations - 778-373-4533 or toll free 1-877-441-4533
President and CEO
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