Taseko Mines Limited is a mid-tier copper producer located in

British Columbia British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

. It operates

Gibraltar Mine The Gibraltar Mine is a Canadian copper mine operated by Taseko Mines near McLeese Lake in British Columbia, Canada. It is the second largest Open-pit mining, open-pit mine in Canada and the fourth largest in North America. The mine is the large ...

, the second largest open-pit copper mine in Canada, and is in the planning stages for several other mines including the Prosperity Mine, Harmony, and Aley. All production is sold at non-hedged market based prices. The market capitalization currently is roughly 740 million dollars.

Company history

*1991 - Prosperity project acquired *July 1999 -

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acquired from Boliden *2002 - Harmony acquired *2004 - Gibraltar reopened due to high copper prices *2007 - Aley acquired

Proposed Projects

Prosperity Mine

The property includes 85 square km in south central British Columbia. A large copper and gold mineralization has been defined on the property containing around 5.3 billion lb copper and 13.3 million oz of gold. The feasibility for the mine was completed on September 25, 2007 and the environmental review process began in July 2008. Operations: Large open-pit copper and gold mine with projected production of 108 million lb per year and 247,000 oz of gold per year for 20 years.

Reserves

Cost: ~800 million In 2009, proven reserves for the mine were 481 million tonnes 0.46 gram per tonne of gold and 0.26 per cent copper. Probable reserves were estimated at 350 million tonnes grading 0.35 gram per tonne of gold and 0.18 per cent of copper (based on a $5.50 net smelter return cut-off).

Timeline

* 1991 - acquired by Taseko Mines * Sep 25, 2007 - feasibility study completed for 70,000 tonnes per day with 20 year mine life * July 2008 - Environmental assessment begins * November 2010 - initial open-pit proposal rejected by Canadian Environmental Assessment Agency review board. Environment Minister Jim Prentice and the minority Tory government support the rejection. * November 2011 - Taseko President Russell Hallbauer sends a letter to Environment Minister Peter Kent suggesting that the proposal was rejected for "spiritual" rather than environmental reasons. * 2014 - Second rejection of mine by Harper government for environmental reasons * January 2017 - Attempted revival of dead project that has no support from local First Nation

Harmony Mine

The Harmony property is located on

Graham Island Graham Island () is the largest island in the Haida Gwaii archipelago (previously known as the Queen Charlotte Islands), lying off the mainland coast of British Columbia, Canada. It is separated by the narrow Skidegate Channel from the other pri ...

, the largest island of the

Haida Gwaii Haida Gwaii (; hai, X̱aaydag̱a Gwaay.yaay / , literally "Islands of the Haida people") is an archipelago located between off the northern Pacific coast of Canada. The islands are separated from the mainland to the east by the shallow Hecat ...

archipelago, within the Queen Charlotte Islands, off the coast of British Columbia. The property contains a low-grade gold mineralization that can only be mined profitably at historically high gold prices. Teseko has yet to explore this property and values the property at $1 on its balance sheet as of September 2004. Status: Exploration asset Reserves: *latest engineering study indicated 64 million tonnes at 1.52 grams per tonne. In place resources are ~3 million oz of gold. Cost: No projects pending projects pending: N/A Timeline *1970's - property discovered *October 2001 - property acquired for 2.23 million dollars and preferred stock *September 30, 2004 - property value written down to nominal value of $1

Location: Aley

The Aley asset contains Niobium, a rare metal used in the production of special steel alloys that are corrosion resistant. Currently only 2 mines in the world produce the rare metal. The spot price of this metal has risen significantly in the last 5 years, from has low as $6.70 per lb in 2004 to ~$24.00 currentl

The property is located near the shore of the lake, about 30 kilometers from the Camp. The price of Status: Exploration asset Reserves: A feasibility study has not been completed thus-far. The resource estimates are 330-500 million lb with recoveries of which 65% may be recovered Cost: N/A feasibility study not completed Timeline *1980's – Discovered by Cominco *June 2007 - Teseko acquires property for 1.5 million cash + ~894,730 common shares *2008 - Exploration of property begins

Financial information

*Shares listed on the NYSE under the "TGB" symbol *Taseko owns 7.318 million shares of Continental Mining, a Chinese mining company

References

Sources

Prosperity Cost * https://web.archive.org/web/20101231152349/http://www.tasekomines.com/i/pdf/TKO_Tribune_27Feb07_WeWantProsperity.pdf 100 million equipment purchase * https://web.archive.org/web/20090223095703/http://tasekomines.com/tko/NewsReleases.asp?ReportID=309233&_Type=News-Releases&_Title=Taseko-Purchases-100-Million-in-Mining-and-Milling-Equipment Phase III expansion * https://web.archive.org/web/20090222184103/http://tasekomines.com/tko/NewsReleases.asp?ReportID=301338&_Type=News-Releases&_Title=Taseko-Proceeds-With-Phase-III-Expansion-At-Gibraltar-Mine 2007 Annual Report detailing all properties owned * https://web.archive.org/web/20101231120217/http://www.tasekomines.com/i/tko/TKO_AR_2007.pdf Market Capitalization * https://finance.yahoo.com/q?d=t&s=TGB CFO resignation * http://www.foxbusiness.com/story/markets/industries/industrials/taseko-announces-change-executive-team/

External links

* {{official website, http://www.tasekomines.com/ Companies listed on the Toronto Stock Exchange Chilcotin Country Mining in British Columbia