July 11, 2011 / 9:33 PM / 7 years ago

UPDATE 1-Taseko Q2 copper output flat; molybdenum up 38 pct

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July 11 (Reuters) - Taseko Mines’ second-quarter copper production at the Gibraltar mine in British Columbia was flat at about 20 million pounds, but its molybdenum output rose about 38 percent.

The Vancouver-based miner, which produced 300,000 pounds of molybdenum in the quarter, said it was trying to improve operations and increase the mine’s annual production capacity to 180 million pounds of copper and 3 million pounds of molybdenum.

“As mill personnel become more experienced with operating at the higher throughput rate, we anticipate re-establishing copper recovery approaching 90 percent,” Chief Executive Russell Hallbauer said in a statement.

Last month, the company said it planned to build a molybdenum recovery facility at the mine to raise annual output to over 2 million pounds, the capital cost for which was set at C$325 million.

Shares of Taseko, which has a 75 percent stake in the mine, closed at C$4.59 on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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