A union representing 550 workers at Taseko’s (TSX, LON: TKO) (NYSE: TGB) Gibraltar mine in British Columbia announced that they are prepared to go on strike if a new contract is not reached by the end of Friday.
“With the rising cost of living it’s crucial that our members at Gibraltar receive fair wages, strong safety protocols, and equitable treatment on the job,” said Unifor National President Lana Payne.
Gibraltar copper-molybdenum mine is the second largest open-pit copper mine in Canada and the largest employer in the Cariboo region. The current collective agreement expires on Friday.
“Unifor has negotiated in good faith to avoid work stoppage at Taseko’s only functioning copper mine,” said Unifor Western Regional Director Gavin McGarrigle. “We need Taseko to get serious about resolving basic issues if we’re to avoid job action.”
Taseko posted its highest ever revenue of $525 million for 2023 in March, thanks mainly to the contribution of Gibraltar mine. The revenue represented a 34% increase compared to 2022.
In 2023, the mine produced a total of 122.6 million pounds of copper, with an average copper recovery rate of 82.6% and head grade of 0.25%. This production was higher than the company’s original guidance and also 26% higher than in 2022.
Taseko shares were trading down 3.46% on Wednesday afternoon EDT. The company has a market cap of C$1.14 billion ($830 million).
Taseko has not responded to a request for comment.
Source: MINING.COM – Read More
