Taseko targets 2025 for first copper output at Florence

Taseko Mines (TSX: TKO: NYSE : TGB) expects first production from its fully permitted Florence copper project in Arizona in the fourth quarter of 2025.

The company said it’s moving forward with construction of the commercial production facility, with initial site preparations underway, according to its fourth quarter and full-year results release on Thursday.

Construction of the SX/EW plant and other surface infrastructure will begin in the following quarter, the British Columbia-based copper miner added.

“Taseko is in a very unique position heading into 2024 with a fully permitted, low-cost project that will provide 80% growth to our North American copper production profile in the coming years,” Taseko CEO Stuart McDonald said.

The central Arizona project forms part of the supply needed for the global energy transition’s push to expand copper production by nearly three times current levels by 2040, according to the International Energy Agency.

In November 2023, the US Environmental Protection Agency issued the final permit required to begin construction at Florence, which, when fully operational, will have an annual capacity of 85 million lb. of LME Grade A copper and a mine life of 22 years.

Shortly after, Taseko secured additional fundings totalling US$100 million for the proposed copper mine, supplementing the previous financings from its partner Mitsui as well as Bank of America.

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