Taseko Mines Ltd (NYSE: TGB) has announced that its Chief Executive Officer Russell Hallbauer and Chief Operating Officer John McManus have retired on June 30, 2021.
Russ shall continue as Director of the company
Though Mr. Russell Hallbauer will continue to serve as a director of the company, in other top-level changes, the company announced the appointments of Stuart McDonald as its Chief Executive Officer. Mr. McDonald was earlier the President of the company, Richard Tremblay will be promoted to Senior Vice President, Operations, and Richard Weymark has been appointed Vice President, Engineering.
Ron Thiessen, Chairman of the Board, commented, “On behalf of the Board and all investors, I would like to recognize Russ and John for their 16 years of attainments at Taseko, and commend them on their sequestrations after a long and illustrious career in the mining industry.”
Ron Thiessen added, “Russ’ management and vision during his term as CEO has ensued in a company that attained significant production growth and established an unmatched pipeline of mining schemes. His knowledge and devotion helped the company navigate through some of the most puzzling periods ever experienced in financial markets, and also produce over $900 million of functioning cash flow. “
The company’s Gibraltar mine produces 27 million pounds of copper in the second quarter of 2021
Taseko Mines Ltd has announced that its Gibraltar Mine has manufactured 27 million pounds of copper and 400 thousand pounds of molybdenum in the second quarter of 2021.
In June, quarrying processes transitioned into higher-grade forms in the Pollyanna Pit, which stemmed in a 20% surge in copper production over the first quarter, in line with management anticipations.
Stuart McDonald, President and CEO of Taseko commented, “We endure to expect strong copper creation in the second half of the year, which in the present price setting will lead to healthy cashflows. Copper values have remained strong over the second quarter, and the average LME price of US$4.40 per pound is the uppermost ever for a quarterly period.”
Stuart McDonald added, “We took benefit of the strong market settings to lengthen our price protection package through the purchase of copper lapels. These agreements secure a lowest copper price of US$4.00 per pound and a maximum price of US$5.60 per pound for 42 million pounds of copper over the first half of 2022.”