KEY POINTS
- Florence copper project nears 40 percent completion.
- Production set for 2025 with expected output of 85 million pounds of copper.
- Taseko anticipates a 120 percent increase in copper production.
At its Florence copper project in Arizona, Taseko Mines is making great strides, building is currently around 40 percent complete.
All project activities are moving along according to schedule, and the Canadian mining corporation plans to start production by the fourth quarter of 2025.
Major milestones reached
According to a business report, about 300,000 labor hours have been recorded since construction started earlier this year without any accidents or environmental issues.
Taseko has been concentrating on important project elements such wellfield drilling, concrete pouring, and earthworks with 280 personnel presently on the job site. The installation of process equipment and structural steel are recent achievements.
Stuart McDonald, the president and chief executive, stressed that roughly 75 percent of the project’s construction costs have already been committed, and that the project’s costs should remain within 10 to 15 percent of the $232 million initial estimate.
Overcoming challenges
Before getting to this point, Taseko had to overcome a number of obstacles, such as legal issues and environmental concerns. When the final permit for the Florence project was given by the U.S. Environmental Protection Agency in November 2023, these barriers were removed.
After receiving this permission, Taseko’s financial situation was further strengthened when it was able to acquire an additional $100 million in funding from its partners, Bank of America and Mitsui.
With an estimated mine life of 22 years, the Florence copper mine is anticipated to produce 85 million pounds of LME Grade A copper annually when fully operational.
According to Mining.com, based on its 2024 projection of 110 million to 115 million pounds of copper, this increased output would provide a huge 120 percent increase in Taseko’s copper production.
Future outlook
Taseko’s portfolio, which already includes the Gibraltar mine in British Columbia and the New Prosperity copper-gold project close to Williams Lake, B.C., has grown significantly with the Florence project.
The company’s long-term growth and position in the copper market will be strengthened by the enhanced production capacity from the Florence facility.
Taseko is on schedule to reach its production goals and take advantage of the growing demand for copper, a crucial metal in the green energy revolution, now that environmental concerns have been resolved and building is moving forward without incident.
