A union representing 550 workers at Taseko Mines’ (TSX: TKO; LSE: TKO; NYSE: TGB) Gibraltar mine in British Columbia announced Tuesday its preparations to go on strike if a new contract isn’t reached when the collective agreement expires on 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,” Unifor National President Lana Payne said in a statement.
The Gibraltar copper-molybdenum mine is the second largest open-pit copper mine in Canada and the largest employer in B.C.’s Cariboo region.
“Unifor has negotiated in good faith to avoid work stoppage at Taseko’s only functioning copper mine,” Unifor Western Regional Director Gavin McGarrigle said. “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. The revenue represented a 34% increase compared to 2022.
In 2023, the mine produced a total of 122.6 million lb. 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 26% higher than in 2022.
Taseko shares were trading down 3.7% to $3.90 on Wednesday afternoon, valuing the company at $1.1 billion (US$831.2 million). Its shares traded in a 52-week range of $1.45 and $4.20.
Taseko has not responded to a request for comment.
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