Taseko Mines (TGB) Sees Negative Affect to Near-Term Financial Performance
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Taseko Mines Limited (AMEX: TGB) provided an update on its Gibraltar Mine. As announced on May 8, 2008 the main transformer for the new SAG mill failed resulting in a 16-day outage of the concentrator.
Russell Hallbauer, President and CEO of Taseko commented, "While uncontrollable events, such as the failure of the transformer are unfortunate and will affect our financial performance in the near-term, we remain focused on integrating and optimizing our new concentrator circuit and adding our Phase II upgrades as expeditiously as possible to coincide with the mining department's ramp up in daily mining rates."
"We expect our increasing copper production trend to continue in the months ahead as we capitalize on ongoing circuit integration of both our Phase I & II expansion and modernization programs."
"With copper prices in the $3.90/lb range, our Phase I production levels nearly achieved and our Phase II construction program advancing as planned, we are making excellent progress in all areas of our business plan and are excited about the next step change we see coming in our operations."
Taseko Mines Limited (Taseko) is a mining exploration, development and production company.[SM]
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how to run a company
twirtanen on Jul 9, 2008 10:34 AMThis is the way to run a company. The shareholder gets as much information as possible when anything happens good or bad. This company is a model for mining growth.