08:49 AM EDT, 07/15/2024 (MT Newswires) -- Taseko Mines ( TGB ) reported Monday a year-on-year decline in copper and molybdenum production for the second quarter.

Taseko produced 20 million pounds of copper and 185,000 pounds of molybdenum, dropping from a year-ago output of 28 million pounds of copper and 230,000 pounds of molybdenum.

Taseko now expects full-year 2024 copper production to be in the range of 110 million to 115 million pounds, compared to the original guidance of 115 million pounds.

The miner attributed the lower output to a mill downtime for the relocation of the in-pit crusher, concurrent maintenance activities in concentrator #1, and a strike by the mine's unionized workforce in June.

Taseko said it completed the in-pit crusher move in late May but the final installation work and other mill maintenance was interrupted by the 18-day strike in June. Work resumed following the strike and is now completed.

Meanwhile, Taseko said concentrator #1 has restarted and is in the process of ramping up to full capacity.

Taseko added that concentrator #2 has been running consistently and at improved throughput rates since the repair work in January. The company expects to receive insurance proceeds of US$22 million in the third quarter.

"Production in the second half of 2024 is expected to be stronger with the major project and maintenance work in both concentrators completed," President and CEO Stuart McDonald said.

Taseko's share price closed 1.2% higher last Friday to $3.42 on the TSX.