Taseko Mines' Florence Copper Project 40% Complete, Set for 2025 Production

Taseko Mines Limited announced on October 21 that construction at its Florence Copper project in Arizona is progressing steadily. In a presser it stated that the project is reaching approximately 40% completion. The company remains optimistic about achieving its target of first copper production in the fourth quarter of 2025.

The copper project has achieved significant milestones in construction according to the update. It has completed 75% of earthworks and site preparation and 50% of concrete foundations. It has also finished 50% of structural steel and process equipment installation.

Apart from this, they have also completed 65% of powerline installation. They have successfully drilled 34 out of 90 production wells for the wellfield as well as drilled 9 out of 18 point of compliance wells. Construction of process and surface water runoff ponds is also completed. The company has begun hiring process and 75 out of 170 permanent operating staff is filled and only one key management position is vacant.

Taseko initially estimated that the total project cost would be US$232 million, but now it estimates that only 10-15% of that cost would be utilized. The company has also received additional funding of $100 million for the project, in addition to the previous financings from its partner Mitsui and Bank of America.

Despite facing initial opposition and legal challenges, Taseko has successfully navigated the regulatory hurdles and secured all the necessary permits to proceed with the project. The company's commitment to environmental sustainability and responsible mining practices has been instrumental in gaining the necessary approvals.

When fully operational, the Florence Copper mine will have an annual capacity of 85 million pounds of LME Grade A copper and a mine life of 22 years. The operation is projected to boost Taseko's copper production by 120% and strengthen the company's position in the copper mining industry.

"We are pleased with the progress made on the Florence Copper project," said Stuart McDonald, President & CEO of Taseko. "The project remains on track for first copper production in late 2025, which will be a transformative event for Taseko."

As the project continues to advance, Taseko remains focused on delivering on its goals and maximizing the value of the Florence Copper asset. The company's successful execution of this project will further solidify its reputation as a responsible and innovative mining company.

Based in Vancouver, British Columbia (BC), Canada, Taseko Mines Limited (Taseko) is a forward-thinking North American mining company committed to realizing the full potential of copper for its investors, employees, communities, and the evolving global landscape.