Monday February 06, 2012
by Brien Lundin, editor Gold NewsletterTaseko Mines Limited (
TGB) began January by announcing its fourth quarter and year-end production results for 2011 at its 75%-owned Gibraltar Mine in British Columbia.
Fourth quarter production totaled 22.3 million pounds of copper and 388,000 pounds of moly at Gibraltar. For the year, the mine generated 82.9 million pounds of copper and 1.3 mil- lion pounds of moly.
The company will spend C$134 million on its GDP3 capital program at Gibraltar in 2012. The aim of the capital investment is to boost Taseko’s share of copper production to 140 million pounds per year.
In addition, Taseko will spend C$31 million on its 100%-owned Aley niobium project and its New Prosperity gold-copper project.
The company’s management team remains confident that it can fund these activities from the cash flow kicked off by its 75% share in Gibraltar and from its substantial, C$340 million cash position.
I wanted to include an update on Taseko this month because copper has been taking off, as we predicted, and the company has been growing its production at Gibraltar as copper has been rebounding.
Combined with the fact that New Prosperity could be back on the drawing boards before people realize it, Taseko looks to be in a good buying range, one I encourage you to take advantage of.
Learn more about this financial newsletter at Brien Lundin's Gold Newsletter.
