February 16, 2011 / 8:02 PM / 7 years ago

UPDATE 1-Taseko to expand capacity at Gibraltar mine

TORONTO, Feb 16 (Reuters) - Taseko Mines (TKO.TO) said on Wednesday its board has approved a plan to expand its output capacity at the Gibraltar copper-molybdenum mine in British Columbia.

The western Canadian mine has already undergone an expansion and modernization project to increase daily milling throughput from 36,000 tons to 55,000 tons per day.

The new plan will include the construction of a 30,000 ton per day concentrator, to complement the existing 55,000 ton per day facility currently operating. The additional capacity will increase Gibraltar’s average annual copper production by about 60 million pounds, to 180 million pounds.

The Vancouver-based company will also see its annual molybdenum output rise by over 1 million pounds a year, following the expansion.

Construction of the new concentrator will begin in early spring, with commissioning anticipated in the fourth-quarter of 2012.

Shares of Taseko were up 2.4 percent at C$6.08 on Wednesday afternoon on the Toronto Stock Exchange.

$1=$0.99 Canadian Reporting by Euan Rocha; editing by Rob Wilson

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