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VANCOUVER - Taseko Mines (NYSE:TGB) Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) has released a study detailing the economic contributions of its Gibraltar copper mine in central British Columbia, forecasting significant impacts over the next two decades. The study, prepared by accounting and consulting firm MNP, uses input-output modeling to measure the mine’s direct, indirect, and induced effects on the economy.
Since its restart in 2004, the Gibraltar mine has generated $16.3 billion in economic output and $8.3 billion in value-added GDP, with the Cariboo Region of BC being the primary beneficiary. The mine’s operations are anticipated to contribute an additional $25.6 billion in output and $13.1 billion in GDP to the Cariboo region by 2044, totaling $41.9 billion in economic impact across Canada.
Employment figures from the mine present a robust picture, with Gibraltar currently providing approximately 700 direct jobs and supporting a total of 2,860 full-time jobs, including indirect and induced employment. The mine accounts for 2.7% of total employment in the Cariboo region but contributes 15.5% of the region’s employment income. Since 2005, the cumulative employment income generated by the mine is over $4 billion.
Government revenues have also been bolstered by the mine’s operations, with $2.0 billion generated for local, provincial, and national levels since 2004. The mine is expected to contribute an additional $3.1 billion in taxes over the next 20 years.
As the second-largest open pit copper mine in Canada, Gibraltar has produced 1.9 billion pounds of copper since 2004 and is projected to produce another 2.7 billion pounds through 2044. The cumulative 4.6 billion pounds of copper align with the mine’s role in supplying critical minerals, essential for manufacturing electric vehicles and other energy technologies.
President & CEO of Taseko, Stuart McDonald, highlighted the mine’s role in fostering economic growth and community development in the Cariboo region. He also pointed to the company’s North American copper business growth, with the Florence Copper project in Arizona expected to begin production in late 2025 and the Yellowhead copper project in BC as another significant development opportunity.
This report is based on a press release statement and reflects the company’s projections and economic impact assessments for the Gibraltar copper mine.
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