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.

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

Source: Taseko’s presentation, Oct. 2024.

Taseko said that 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, Taseko said.

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. The potential for 50% tariffs on copper imports into the United States has driven the Comex copper price to record levels in recent weeks.  It’s a great time to be bringing on a new U.S.-based copper mine,” Taseko CEO Stuart McDonald said in a news release.

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

Taseko also operates two mines in British Columbia: Gibraltar and the New Prosperity copper?gold project near Williams Lake.