Taseko Mines Limited announced that construction at its Florence Copper project in Arizona is now complete and that well‑field operations have begun. Acidification started in early November and, by early December, all new production wells were circulating copper‑rich solution at injection flow rates that met or exceeded the company’s expectations. Copper grade recovered in the solution has risen to the level required for the SX/EW plant, indicating that the in‑situ recovery system is operating at the design target.
The company is now commissioning the SX/EW (solvent extraction/electrowinning) plant, which is progressing without significant issues. Management expects the first copper cathode to be produced within the next few weeks, a milestone that will transition the project from a construction phase to a revenue‑generating operation. The well‑field expansion, supported by three drilling rigs, is designed to increase solution flow and enable the projected 85 million pounds of copper per year once the plant is fully operational.
Taseko’s strategy to become a leading low‑cost copper producer in North America is reinforced by the Florence project’s low operating cost, estimated to be in the lowest quartile of global copper producers. The Arizona location also positions the company to capture potential U.S. import tariff premiums, while the project’s environmentally friendly in‑situ recovery method aligns with the company’s ESG commitments. A recent equity raise of more than $150 million was used to repay revolver debt, strengthening the balance sheet and providing additional working capital for the ramp‑up.
Investors welcomed the milestone, citing the company’s progress toward revenue generation and the low‑cost nature of the Florence operation. The announcement also reinforced confidence in Taseko’s ability to deliver on its 2026 ramp‑up targets and to maintain a robust cash‑flow profile during the transition to full production.
"We are well positioned to deliver first copper cathode production in the coming weeks, thanks to strong well‑field performance and a robust SX/EW plant start‑up," said Stuart McDonald, President and CEO. McDonald added that the company’s recent equity raise and debt elimination have provided a solid financial foundation for the project’s continued development.
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