Taseko Mines Ltd (TSX:TKO) shares rose 7% to C$1.95 in early Wednesday trading after the mining company announced that its majority-owned Gibraltar mine in British Columbia produced 123 million pounds of copper in 2023, well above the company’s guidance and 26% higher than the previous year.
Taseko also noted that the Gibraltar mine produced 34 million pounds of copper and 369,000 pounds of molybdenum in the fourth quarter of 2023, which was supported by copper grades of 0.27%.
"The strong finish to 2023 is expected to continue in 2024 as the Gibraltar pit will remain the main source of ore for the first half of this year," Taseko Mines CEO Stuart McDonald said in a statement.
The company said mill throughput in the quarter averaged 83,000 tons per day.