October 7, 2009 / 1:28 PM / in 8 years

UPDATE 1-Taseko Mines says Q3 production hurt at Gibraltar Mine

Oct 7 (Reuters) - Canada’s Taseko Mines Ltd (TKO.TO) said third-quarter production at its Gibraltar Mine was hurt by a geotechnical problem, with lower grade ore resulting in decreased metal recoveries.

The mineral exploration company said Gibraltar Mine produced 14 million pounds of copper and 112,000 pounds of molybdenum for the third quarter.

The combination of lower grade and lower metal recoveries reduced metal production by about 4 million pounds of copper and 100,000 pounds of molybdenum, Taseko said.

The geotechnical issue has now been resolved, the company added.

Shares of Taseko, which have gained 47 percent in the past three months, closed Tuesday at C$2.76 on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Deepak Kannan)

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