Taseko Mines (NYSE:TGB)+4.5% pre-market after reporting strong production increases of both copper and molybdenum at its Gibraltar mine in British Columbia in Q3.
The miner expects the increased production volumes, combined with declining unit costs and an average Q3 LME copper price of $4.25/lb., will translate directly to improved financial performance this quarter.
Taseko (TGB) says Gibraltar produced 34.5M lbs. of copper and 600K lbs. of molybdenum in Q3, up 29% and 50%, respectively, from Q2 levels.
The company says the mine is "well positioned for the year ahead as mining operations are smoothly transitioning into the Gibraltar pit, where grade is meeting expectations and the mills are efficiently processing the new ore."