Canada’s Taseko Mines (TSX: TKO; NYSE: TGB; LSE: TKO) has unveiled the results of an economic impact study on its Gibraltar copper mine in British Columbia, which reveals the operation is set to generate nearly $42 billion (US$29 billion) in economic output by 2044.
The analysis, conducted by accounting and consulting firm MNP, outlines Gibraltar’s contribution to the economies of the Cariboo Region, some 700 km north of Vancouver, and Canada. It also forecasts the operation’s economic impacts for the next 20 years, through its current remaining reserve life to 2044.
After acquiring Gibraltar in 1999, Taseko restarted operations at what is now Canada’s second-largest open pit copper-molybdenum mine in 2004. Since then, Gibraltar has contributed $16.3 billion to Canada’s economy, including $8.3 billion in GDP, with more than half of that impact concentrated in the Cariboo region.
The mine supports 2,860 jobs, directly employing 700 workers, and has delivered more than $4 billion in wages over the past two decades.
The mine’s economic footprint extends beyond production. Government revenues from Gibraltar have already reached $2 billion since 2005 and are expected to climb by another $3.1 billion over the next two decades.
Taseko chief executive officer Stuart McDonald emphasized the mine’s enduring role in B.C.’s economy, calling it a “cornerstone of economic growth, prosperity, and community development in the Cariboo for more than 20 years.”
25 million EVs
Taseko projects that Gibraltar will produce an additional 2.7 billion lb. of copper through 2044, adding to the 1.9 billion lb. already extracted.
The total 4.6 billion lb. of copper could supply material for roughly 25 million electric vehicles (EVs) — critical at a time when global demand for copper is accelerating due to the clean energy transition.
The study’s findings come as Taseko eyes expansion beyond Gibraltar, with its Florence copper project in Arizona set to begin production in late 2025 and its Yellowhead copper project in B.C. in development.
Shares in Taseko Mines have gained 6% in the last six months to $3.01 apiece in Toronto on Tuesday, valuing the company at $916.4 million.
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