- Florence Copper Project has reached 78% completion as of March 31, 2025, and remains on track for first copper production by the end of 2025.
- Key achievements include 80 out of 90 production wells completed and a robust safety record with 670,000 work hours logged without incidents.
- Taseko (TGB, Financial) secures authorization for water reuse, improving sustainability by replacing 25% of current agricultural irrigation needs.
Taseko Mines Ltd. (TGB) has announced significant progress in the construction of its Florence Copper Project in Arizona, achieving 78% completion by the end of the first quarter of 2025. The project remains on schedule for first copper production by year-end, reflecting steady advancements across multiple construction areas.
As part of the project developments, 80 out of the planned 90 production wells have been drilled and constructed. The team expects to complete the remaining wells in May 2025. Several construction milestones have been achieved, including the electrowinning facility structure and advancements in the solvent extraction area.
In terms of operational safety, the Florence Copper Project maintains an exemplary record with 670,000 work hours logged without any reportable injuries or environmental incidents. This includes 230,000 project hours worked during the first quarter of the year alone.
A significant development comes from the project's environmental strategy, where Taseko has received authorization to reuse surplus process water for agricultural purposes. This initiative effectively replaces approximately 25% of the current irrigation water needs, enhancing water resource sustainability in Arizona’s constrained environment.
From a financial perspective, Taseko retains its capital cost guidance and has hedged the majority of Gibraltar's copper production at a minimum price of US$4.00 per pound through the end of 2025. This strategy provides stability amidst potential market volatility and strengthens the company's long-term outlook.
Stuart McDonald, President and CEO of Taseko, expressed confidence in the project's progress, underscoring its potential to become a major supplier of copper cathode to the US market, with the benefits of a domestic production approach and positioning against future COMEX copper pricing trends.
