NEW YORK Taseko Mines
Ltd. has reached a labor agreement with the Canadian Auto
Workers union at its majority-owned Gibraltar copper-molybdenum
mine in British Columbia.
"The timing of the new labor
agreement is opportune, with the new Gibraltar development
project 3 (GDP3) just weeks away from being handed over from
the construction contractors to Gibraltar operations for
ramp-up," Russell Hallbauer, president and chief executive
officer of the Vancouver, British Columbia-based company, said
in a statement.
GDP3 includes the addition of a
30,000-ton concentrator and other new equipment, boosting the
mines processing capacity to 85,000 tons per day from
55,000 tons previously. As a result, copper production will
average 165 million pounds annually over the mines
25-year life, according to the company.
The Gibraltar Mine, which
produced 82.9 million pounds of copper and 1.3 million pounds
of molybdenum in fiscal 2011, is owned 75-percent by Taseko and
25-percent by Cariboo Copper Corp., a subsidiary of Tokyo-based
The new labor agreement runs
through May 31, 2016.