Base metals miner Taseko has kept its 2023 guidance unchanged, despite its first-quarter production from its Gibraltar mine, in British Columbia, being slightly below expectations.

Production in the first quarter was 24.9-million pounds of copper and 234 000 lb of molybdenum.

“Copper grades for the period were on plan, averaging 0.22%, but production was lightly below plan due to unexpected mill downtime and operational issues with the primary crushers,” said CEO Stuart McDonald.

Taseko continued to expect to produce 115-million pounds in 2023, he said.

Total site costs in the first quarter were C$112.8-million on a 100% basis, C$6.6-million higher than the previous quarter, owing to greater diesel consumption from the higher mining rates and additional costs incurred for mill maintenance.

However, an average realised copper price of $4.02/lb in the first quarter helped to drive the company’s strong financial performance.

Gibraltar sold 26.6-million pounds of copper, which contributed to revenue for Taseko of C$115.5-million.

Taseko had a closing cash balance of C$102-million at March 31, 2023.