Taseko Mines (TSX: TKO) announced on Wednesday it has resumed operations at the Gibraltar mine in British Columbia following the ratification of a labour agreement.
The company announced during the weekend that it had reached an agreement with the union representing workers at Gibraltar. The new deal will be in place until May 31, 2027.
On June 1, more than 500 workers at the mine located north of Williams Lake, B.C., went on strike after talks over a new collective agreement broke down following months of negotiations.
Acquired in 1999, the Gibraltar mine is currently Taseko’s only producing asset, anchored by a large mineral reserve base that is expected to support average annual copper production of 130 million lb. until at least 2044.
Now in its 20th year of operations, Gibraltar is the second-largest open-pit copper mine in Canada, owing to $800 million in spending on multiple phases of modernization and expansion.
This year, the mine is expected to produce 115 million lb. of copper, having already exceeded its guidance last year with 122.6 million lb. produced.
Taseko shares were almost flat on Wednesday and traded for $3.53 apiece, valuing the company at $1 billion. Its shares traded in a 52-week range of $1.45 and $4.20.
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