Taseko Comments on New US and Canadian Tariffs
Taseko Mines (TSX: TKO; NYSE American: TGB) has announced that the new US and Canadian trade tariffs will have no material impact on its operations. The company's Gibraltar Mine's copper and molybdenum concentrates are sold to international metal traders and delivered to Asian markets, with offtake contracts secured through 2026.
The company's Florence Copper Project in Arizona, currently under construction, is expected to begin copper production in Q4 2025. As construction procurement is essentially complete and materials are already on site or being fabricated in the US, the new tariffs won't affect construction costs. Similarly, based on Canada's initial retaliatory tariffs list, Gibraltar Mine's operating costs are not expected to be materially impacted.
Taseko Mines (TSX: TKO; NYSE American: TGB) ha annunciato che i nuovi dazi commerciali statunitensi e canadesi non avranno un impatto materiale sulle sue operazioni. I concentrati di rame e molibdeno della Gibraltar Mine dell'azienda sono venduti a trader di metalli internazionali e consegnati ai mercati asiatici, con contratti di conferimento garantiti fino al 2026.
Il Florence Copper Project dell'azienda in Arizona, attualmente in fase di costruzione, si prevede inizi la produzione di rame nel quarto trimestre del 2025. Poiché gli approvvigionamenti per la costruzione sono essenzialmente completi e i materiali sono già sul posto o in fase di fabbricazione negli Stati Uniti, i nuovi dazi non influenzeranno i costi di costruzione. Allo stesso modo, basandosi sulla lista iniziale dei dazi ritorsivi del Canada, non si prevede che i costi operativi della Gibraltar Mine siano materialmente influenzati.
Taseko Mines (TSX: TKO; NYSE American: TGB) ha anunciado que los nuevos aranceles comerciales de Estados Unidos y Canadá no tendrán un impacto material en sus operaciones. Los concentrados de cobre y molibdeno de la Gibraltar Mine de la empresa se venden a comerciantes de metales internacionales y se entregan a los mercados asiáticos, con contratos de compra asegurados hasta 2026.
El Florence Copper Project de la empresa en Arizona, actualmente en construcción, se espera que inicie la producción de cobre en el cuarto trimestre de 2025. Dado que la adquisición de materiales para la construcción está prácticamente completa y los materiales ya están en el sitio o se están fabricando en los Estados Unidos, los nuevos aranceles no afectarán los costos de construcción. De manera similar, según la lista inicial de aranceles de represalia de Canadá, no se espera que los costos operativos de la Gibraltar Mine se vean afectados de manera material.
Taseko Mines (TSX: TKO; NYSE American: TGB)는 새로운 미국 및 캐나다 무역 관세가 운영에 실질적인 영향을 미치지 않을 것이라고 발표했습니다. 회사의 Gibraltar Mine에서 생산되는 구리 및 몰리브덴 농축물은 국제 금속 상인에게 판매되며, 아시아 시장으로 배달되고 있으며, 2026년까지 확보된 계약이 있습니다.
현재 건설 중인 애리조나의 Florence Copper Project는 2025년 4분기부터 구리 생산을 시작할 것으로 예상됩니다. 건설 자재 조달이 거의 완료되었고 자재가 이미 현장에 있거나 미국에서 제작 중이므로 새로운 관세는 건설 비용에 영향을 주지 않을 것입니다. 마찬가지로, 캐나다의 초기 보복 관세 목록에 따르면, Gibraltar Mine의 운영 비용은 실질적으로 영향을 받지 않을 것으로 예상됩니다.
Taseko Mines (TSX: TKO ; NYSE American : TGB) a annoncé que les nouveaux tarifs douaniers américains et canadiens n'auront aucun impact matériel sur ses opérations. Les concentrés de cuivre et de molybdène de la Gibraltar Mine de l'entreprise sont vendus à des commerçants de métaux internationaux et livrés aux marchés asiatiques, avec des contrats d'achat sécurisés jusqu'en 2026.
Le Florence Copper Project de l'entreprise en Arizona, actuellement en construction, devrait commencer la production de cuivre au quatrième trimestre 2025. Étant donné que l'approvisionnement en matériaux de construction est essentiellement terminé et que les matériaux sont déjà sur place ou en cours de fabrication aux États-Unis, les nouveaux tarifs n'affecteront pas les coûts de construction. De même, selon la liste des tarifs de représailles initiale du Canada, il n'est pas prévu que les coûts d'exploitation de la Gibraltar Mine soient matériellement affectés.
Taseko Mines (TSX: TKO; NYSE American: TGB) hat bekannt gegeben, dass die neuen Handelszölle der USA und Kanadas keinen nennenswerten Einfluss auf ihre Betriebsabläufe haben werden. Die Kupfer- und Molybdänkonzentrate der Gibraltar Mine des Unternehmens werden an internationale Metallhändler verkauft und auf asiatische Märkte geliefert, mit abgesetzten Verträgen bis 2026.
Das Florence Copper Project des Unternehmens in Arizona, das sich derzeit im Bau befindet, wird voraussichtlich im vierten Quartal 2025 mit der Kupferproduktion beginnen. Da die Beschaffung für den Bau weitgehend abgeschlossen ist und die Materialien bereits vor Ort sind oder in den USA gefertigt werden, werden die neuen Zölle die Baukosten nicht beeinflussen. Ähnlich wird erwartet, dass die Betriebskosten der Gibraltar Mine basierend auf der ursprünglichen Liste der Vergeltungszölle Kanadas nicht wesentlich betroffen sind.
- Gibraltar Mine's production is fully contracted through 2026 with Asian markets
- Florence Copper Project construction remains unaffected by tariffs
- No material impact expected on operating costs at both operations
- None.
Insights
Taseko's strategic positioning amidst the US-Canada trade tensions demonstrates exceptional foresight in risk management. The Gibraltar Mine's existing offtake agreements with Asian markets through 2026 effectively insulate the company from US tariff impacts, showcasing the benefits of geographic sales diversification. This arrangement provides stable revenue streams and operational predictability for the medium term.
The Florence Copper Project represents a particularly strategic asset given the current trade environment. As the only new copper mine under construction in the United States, Florence is positioned to become a important domestic supplier when it begins production in Q4 2025. This timing is especially significant given the growing demand for copper in clean energy technologies and electric vehicles. The project's advanced procurement status, with materials already secured, effectively shields it from potential supply chain disruptions or cost escalations from the new tariffs.
From a broader industry perspective, Taseko's dual-market strategy - serving both Asian markets through Gibraltar and preparing to supply the US domestic market through Florence - creates a robust business model that can adapt to shifting trade dynamics. The company's ability to navigate these trade tensions while maintaining operational stability demonstrates strong management execution and strategic planning.
The minimal impact of Canadian retaliatory tariffs on Gibraltar's operating costs further reinforces Taseko's resilient operational structure. This positions the company favorably compared to peers who might face more direct exposure to cross-border trade friction.
VANCOUVER, British Columbia, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") provides the following update with respect to the new trade tariffs announced by the US and Canadian governments this weekend.
Taseko confirms that US import tariffs will have no impact on sales from its
Taseko’s
The Company does not expect any material impact on Florence construction costs or Gibraltar Mine operating costs as a result of the new tariffs. At Florence, construction procurement activities are essentially complete, and all construction materials are already on site or being fabricated in the US. At Gibraltar, based on the initial list of retaliatory tariffs published by the Government of Canada, the Company does not expect any material impact on mine operating costs.
Stuart McDonald, President & CEO of Taseko, commented, “Although these new tariffs will not directly impact our business, as a North America focussed copper producer we are hopeful that a more constructive trade relationship will emerge for copper and other critical minerals, for the benefit of both Canada and the United States. Going forward, we believe Canada must continue to diversify its economy by redoubling efforts to expedite development of critical mineral mines.”
For further information on Taseko, see the Company’s website at www.tasekomines.com or contact:
Investor enquiries Brian Bergot, Vice President, Investor Relations – 778-373-4554
Stuart McDonald
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
Caution Regarding Forward-Looking Information
This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
- uncertainties about the future market price of copper and the other metals that we produce or may seek to produce;
- changes in general economic conditions, the financial markets, inflation and interest rates and in the demand and market price for our input costs, such as diesel fuel, reagents, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
- uncertainties resulting from the war in Ukraine, and the accompanying international response including economic sanctions levied against Russia, which has disrupted the global economy, created increased volatility in commodity markets (including oil and gas prices), and disrupted international trade and financial markets, all of which have an ongoing and uncertain effect on global economics, supply chains, availability of materials and equipment and execution timelines for project development;
- inherent risks associated with mining operations, including our current mining operations at Gibraltar, and their potential impact on our ability to achieve our production estimates;
- uncertainties as to our ability to control our operating costs, including inflationary cost pressures at Gibraltar without impacting our planned copper production;
- the risk of inadequate insurance or inability to obtain insurance to cover material mining or operational risks;
- uncertainties related to the feasibility study for Florence copper project (the “Florence Copper Project” or “Florence Copper”) that provides estimates of expected or anticipated capital and operating costs, expenditures and economic returns from this mining project, including the impact of inflation on the estimated costs related to the construction of the Florence Copper Project and our other development projects;
- the risk that the results from our operations of the Florence Copper production test facility (“PTF”) and ongoing engineering work including updated capital and operating costs will negatively impact our estimates for current projected economics for commercial operations at Florence Copper;
- uncertainties related to the accuracy of our estimates of Mineral Reserves (as defined below), Mineral Resources (as defined below), production rates and timing of production, future production and future cash and total costs of production and milling;
- the risk that we may not be able to expand or replace reserves as our existing mineral reserves are mined;
- the availability of, and uncertainties relating to the development of, additional financing and infrastructure necessary for the advancement of our development projects, including with respect to our ability to obtain any remaining construction financing potentially needed to move forward with commercial operations at Florence Copper;
- our ability to comply with the extensive governmental regulation to which our business is subject;
- uncertainties related to our ability to obtain necessary title, licenses and permits for our development projects and project delays due to third party opposition;
- our ability to deploy strategic capital and award key contracts to assist with protecting the Florence Copper project execution plan, mitigating inflation risk and the potential impact of supply chain disruptions on our construction schedule and ensuring a smooth transition into construction;
- uncertainties related to First Nations claims and consultation issues;
- our reliance on rail transportation and port terminals for shipping our copper concentrate production from Gibraltar;
- uncertainties related to unexpected judicial or regulatory proceedings;
- changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations and mine closure and bonding requirements;
- our dependence solely on Gibraltar (as defined below) for revenues and operating cashflows;
- our ability to collect payments from customers, extend existing concentrate off-take agreements or enter into new agreements;
- environmental issues and liabilities associated with mining including processing and stock piling ore;
- labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate our mine, industrial accidents, equipment failure or other events or occurrences, including third party interference that interrupt the production of minerals in our mine;
- environmental hazards and risks associated with climate change, including the potential for damage to infrastructure and stoppages of operations due to forest fires, flooding, drought, or other natural events in the vicinity of our operations;
- litigation risks and the inherent uncertainty of litigation, including litigation to which Florence Copper could be subject to;
- our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities;
- our ability to meet the financial reclamation security requirements for the Gibraltar mine and Florence Project;
- the capital intensive nature of our business both to sustain current mining operations and to develop any new projects, including Florence Copper;
- our reliance upon key management and operating personnel;
- the competitive environment in which we operate;
- the effects of forward selling instruments to protect against fluctuations in copper prices, foreign exchange, interest rates or input costs such as fuel; and
- the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; and Management Discussion and Analysis (“MD&A”), quarterly reports and material change reports filed with and furnished to securities regulators, and those risks which are discussed under the heading “Risk Factors”.
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedarplus.ca, including the “Risk Factors” included in our Annual Information Form.
FAQ
How will the new US-Canada tariffs affect Taseko's (TGB) Gibraltar Mine operations?
When is Taseko's (TGB) Florence Copper Project expected to start production?
Will the new tariffs affect Taseko's (TGB) Florence Copper Project construction costs?
How long are Taseko's (TGB) Gibraltar Mine copper concentrate contracts secured for?
