Taseko says Florence copper project 90% finished

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 this year. The operation is projected to boost Taseko’s copper production by 120%, based on a 2024 guidance of 110 million to 115 million lb. of the red metal.

Shares of Taseko rose 5.6% to close at $4.69 apiece in Toronto on Tuesday, valuing the company at $1.48 billion.

Source: Taseko’s presentation, Oct. 2024.

Taseko remains a “show me” story for a number of investors, BMO Capital Markets said in a note on Tuesday. Delivering operationally for the rest of this year and into 2026 at the company’s Gibraltar mine in British Columbia and commissioning Florence with a ramp-up to design are key drivers for re-rating the stock, mining analyst Rene Cartier said. 

“We currently forecast about 37 million lb. of copper production at Florence in 2026 with a sequential improvement throughout the year,” Cartier said. “Albeit offtake arrangements add a layer of complexity at Florence, copper cathode production in the U.S. from the project has the added potential to benefit from Comex pricing.” 

Comex copper prices have surged significantly in 2025, with year-to-date gains of about 41 % to around $5.70 per lb, a rally largely fueled by the pressure of a 50% U.S.-tariff threat and elevated global demand.

“Florence Copper will be the next major U.S. supplier of domestically produced copper cathode,” Taseko President and CEO Stuart McDonald said in a news release that also noted the Comex copper gains. “It’s a great time to be bringing on a new U.S.-based copper mine.”

No injuries

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.

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.

The Florence project complements Taseko’s existing Gibraltar mine and the New Prosperity copper‑gold project near Williams Lake, both in B.C.