Taseko releases economic impact study for Gibraltar copper mine

The study examines Gibraltar’s significant contribution to the economies of the Cariboo Region, BC, and Canada since Taseko restarted the opencast copper mining operation in late 2004. In addition, the study forecasts Gibraltar’s economic impacts for the next 20 years, through its current remaining reserve life to 2044.

Prepared by MNP, a leading Canadian accounting and consulting firm, the study employs an input-output model with multipliers published by Statistics Canada to quantify Gibraltar’s direct, indirect, and induced economic effects for the periods 2005 – 2023 and 2024 – 2044.

Study highlights include:

An economic driver: Since 2004, Gibraltar has generated total economic output in Canada of CAN$16.3 billion and value-added GDP of CAN$8.3 billion. More than half of this economic activity occurred in BC’s Cariboo region (CAN$10.1 billion and CAN$5 billion respectively).

When combined with the next 20 years of operations, Gibraltar’s cumulative projected economic impact in Canada through 2044 is forecast to be CAN$41.9 billion in output and CAN$21.2 billion in value-added GDP, including CAN$26.7 billion and CAN$13.1 billion respectively in the Cariboo region.

Cornerstone of regional employment: Currently, the Gibraltar mine employs approximately 700 workers and supports a total of 2860 full-time jobs (including indirect and induced employment). Over the past 20 years, BC’s Cariboo region has benefitted most from Gibraltar-supported jobs, hosting almost all of the direct jobs, and about half of total employment.

Mining jobs in Canada are well paid; the Mining Association of BC estimates an annual average salary for BC mine workers of nearly CAN$139,000. Gibraltar employees represent about 2.7% of total employment in the Cariboo region, but 15.5% of the region’s employment income. Since 2005, economic activity from Gibraltar has generated cumulative employment income of more than CAN$4 billion.

Revenues for governments: Since 2004, Gibraltar has been an important direct contributor and catalyst for government revenues at the local, provincial, and national levels, supporting vital programmes and services that benefit all Canadians. Total government revenues generated by the mine for all three levels of government were CAN$2 billion for the period 2005 – 2023.

Over the coming 20 years, Gibraltar is forecast to generate an additional CAN$3.1 billion in taxes in Canada, for a cumulative total of more than CAN$5 billion.

Critical minerals production in Canada: Gibraltar is the second-largest opencast copper mine in Canada, with average annual life-of-mine production of 129 million lb of copper. Copper is a key element in a wide range of energy technologies and is designated as a Critical Mineral by the governments of BC, Canada, and the United States.

Since Taseko re-started operations at Gibraltar in 2004, the mine has produced 1.9 billion lb of copper in concentrate, and is forecast to produce an additional 2.7 billion lb through 2044. The cumulative total of 4.6 billion lb of copper forecast to be produced at Gibraltar from 2004 – 2044 is equivalent to the copper required to manufacture approximately 25 million electric vehicles (EV).

Stuart McDonald, Taseko’s President & CEO, commented:

“The Gibraltar Mine has been a cornerstone of economic growth, prosperity, and community development in the Cariboo for more than two decades, and will continue to provide career opportunities and family-supporting employment for years to come. We are very proud of the economic contributions our business activities support in the Cariboo region and throughout British Columbia.

“Our North American copper business is poised for significant near-term growth. In late 2025, we expect to complete construction and initiate production at the Florence Copper project in Arizona, and our Yellowhead copper project in south-central BC represents another major mine development opportunity. We look forward to building on the tremendous economic legacy that Gibraltar has established over the past 20 years.”

Read the article online at: https://www.globalminingreview.com/mining/14022025/taseko-releases-economic-impact-study-for-gibraltar-copper-mine/