Reviewed by Lexie CornerJan 15 2025
Taseko Mines Limited (“Taseko” or the “Company”) provided an update on the progress of its wholly owned Florence Copper project in Florence, Arizona.
As of December 31, 2024, the project had reached 56 % completion, with the first copper production still on track for achievement by the end of 2025. Nearly 450,000 project hours have been completed without any reportable injuries or environmental incidents, and construction is proceeding according to plan. There are about 290 construction and support workers on the site right now.
Summary of key activities in the fourth quarter:
- The construction of process ponds and surface water runoff ponds is finished.
- Modules for solvent extraction, settlement, and laundering were positioned, and welding of the modules started.
- 51 out of 90 wells were drilled during construction, with 17 production wells completed in the quarter.
- Construction of the field-erected process and service tanks has begun, and the main pipe corridor (from the wellfield to the process plant) is largely finished. High-density polyethylene piping is currently being installed in the corridor.
- Mechanical and piping installations are in progress across the SX/EW plant.
- The solvent extraction pipe rack's structural steel erection is almost finished, and the pipe installation has started.
- Electrical work started.
- A building for water treatment was constructed, and plans were made to begin the construction of the electrowinning building.
We are very pleased with the progress that has been made in the first 12 months of construction. The project remains on schedule, and construction costs remain in line with our previous guidance. We are now less than a year from anticipated first copper production and, in addition to construction activities, our site management team is focussed on operational readiness, key vendor agreements, and recruiting.
Stuart McDonald, President and Chief Executive Officer, Taseko Mines Limited
Stuart McDonald added, “With continued growth in US copper demand and an increasing focus on the security of supply chains for critical materials, it is great timing to be bringing on a new source of domestic copper supply. Florence Copper is the only greenfield copper mine currently under construction in the USA and will soon become the third largest copper cathode producer in the country.”
We have recently been informed that our application for the Department of Energy’s 48C(e) tax credit has been declined. However, Taseko remains in a strong financial position with C$330 million of available liquidity at year-end, including the undrawn US$110 million revolving credit facility.
Stuart McDonald, President and Chief Executive Officer, Taseko Mines Limited