Currently low copper prices are not impacting production at Gibraltar Mine just north of Williams Lake, said Taseko Mines Ltd. vice-president of corporate affairs Brian Battison.
“These copper prices are not especially low for our operation,” Battison told the Tribune.
On Tuesday,copper prices were hovering at $2.65 a pound U.S.
“Gibraltar was an old worn out facility that had to close during low copper prices. We changed all of that when we invested $700 million and made it a brand new mine with all efficient electrical motors.”
He described the mine as one of the most competitive low-grade mining facilities in the world.
“We have a very robust competitive low-cost producer that’s able to endure lower copper prices and that previously was not the case with that mine.”
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Outlining copper prices in the last five years according to KITCO, Battison said they were as high as $3.40 U.S. in 2014 and a low as $2 U.S. in November 2015.
“Copper always cycles. It’s not at its highest right now but it’s not at its lowest. It’s been bouncing between $2.60 and $2.70 the last few months.”
Low copper prices are sometimes offset by a weak Canadian dollar, he added.
“Our costs are in Canadian dollars but we get paid in U.S. dollars so when there’s a weak Canadian dollar it’s good for copper producers in Canada and all manufacturers that sell their goods in U.S. dollars.”
There are approximately 700 people working at Gibraltar Mine.
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