Taseko Mines Turns Positive After Unveiling $235-Mln Expansion at Gibraltar Mine
Taseko Mines Ltd. (TKO.TO) is enjoying a late surge, with shares turning positive and gaining nearly 2% after announcing a $235-mln expansion at its Gibraltar copper and molybdenum mine in British Columbia.
The upgrade includes construction on a new concentrator capable of processing 30,000 tons of ore per day, helping boost copper production 50% to 180 mln pounds. The company also plans to build a new molybdenum recovery plant and expects to increase molybdenum metal producton to 1 mln pounds per year.
Work on the project will begin in early spring and should be completed by Q4 2012.
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