Taseko’s Florence copper project 90% complete

Taseko Mines (NYSE: TGB; TSX: TKO) reported that construction of its Florence Copper mine in Arizona is now over 90% complete.

On Tuesday, the company confirmed that the project remains on track to produce first copper cathode by the end of 2025. The operation is projected to boost Taseko’s total copper production by 120%, based on its 2024 guidance of 110-115 million lb. of the metal.

Source: Taseko’s presentation, Oct. 2024.

Taseko said more than 900,000 hours of project work have been completed with no reportable injuries or environmental incidents to date, and the workforce has tapered to roughly 330 on-site personnel.

All planned injection and recovery wells have been drilled, and the 69 kV substation has been energized, marking a significant milestone in the ramp‑up process, it added.

The project is designed to use in-situ recovery, meaning copper-rich solutions are pumped from underground and processed on-site, lowering environmental impact compared to traditional mining.

Shares rose 1% on Tuesday, putting the company’s market capitalization at approximately C$1.4 billion ($1 billion).

“Florence Copper will be the next major US supplier of domestically produced copper cathode,” Taseko CEO Stuart McDonald said in a news release.

“It’s a great time to be bringing on a new US-based copper mine,” he added, citing the potential 50% tariffs on US copper imports, which have driven COMEX copper prices to record levels in recent weeks.

Taseko currently operates the Gibraltar mine in British Columbia, which is expected to produce 120-130 million lb. of copper this year. The company has two other copper assets in BC: the Yellowhead project, where it recently started the environmental permitting process; and a 77.5% interest in the New Prosperity property near Williams Lake.