11:37 AM EDT, 07/15/2024 (MT Newswires) -- Taseko Mines ( TGB ) was last seen down 2.6% as the company on Monday reported a year-over-year decline in second-quarter copper and molybdenum production from its Gibraltar mine in British Columbia and lowered its guidance range.

Taseko produced 20 million pounds of copper and 185,000 pounds of molybdenum, in the period, dropping from 28 million pounds of copper and 230,000 pounds of molybdenum, in the year-prior quarter.

This is in line with National Bank of Canada's estimates of 21.3 million pounds of copper and 181,000 pounds of molybdenum, according to a Monday note.

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 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," chief executive Stuart McDonald said.

Taseko maintained its sector-perform rating and $4.25 price target at National Bank of Canada following the news.

Taseko's shares were last seen down $0.09 to $3.33 on the Toronto Stock Exchange.

Price: 3.33, Change: -0.09, Percent Change: -2.63