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Taseko Mines to defer up to 75% of power costs for Gibraltar mine

Apr. 12, 2016 10:39 AM ETTaseko Mines Limited (TGB) Stock, TKO:CA StockBy: Carl Surran, SA News Editor
  • Taseko Mines (NYSE:TGB +5.7%) says it reached an agreement with British Columbia's government to defer up to 75% of power costs for the Gibraltar mine, retroactive to March 1.
  • TGB says the power rate deferral program was put in place to help the province's mining industry during the weak economic environment, and allows qualifying mines to defer up to 75% of their electricity costs based on a sliding-scale of metal prices.
  • Electricity is one of Gibraltar's biggest expenses, accounting for nearly 10% of the mine's total operating costs; TGB says the deferral program will reduce Gibraltar's annual spending by up to C$18M.
  • Now read Ron Thiessen: Taseko chairman on fending off a self-dealing New York activist hedge fund

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