Taseko Mines Reaches Key Milestones at Florence Copper Project in Arizona
Taseko Mines announced that construction at its Florence copper project in Arizona is now nearly 40% complete, keeping the first production target on track for the fourth quarter of 2025. Since construction began earlier this year, the Canadian miner has logged nearly 300,000 work hours without any reported injuries or environmental incidents. There are currently 280 workers on-site, and all project activities are progressing as planned.
The company has focused on key activities, including earthworks, concrete pouring, and wellfield drilling, achieving significant milestones such as the installation of structural steel and process equipment. Stuart McDonald, president and chief executive of Taseko Mines, reported that approximately 75% of total construction costs have already been committed, and the project is expected to stay within 10-15% of the original $232 million estimate.
The path to this stage has not been without challenges. The Florence project initially faced opposition and legal challenges, mainly due to environmental concerns. However, in November of last year, the U.S. Environmental Protection Agency granted the final construction permit, clearing the way for the project to proceed. Following this, Taseko secured additional funding of $100 million, supplementing previous financing from its partner Mitsui and Bank of America.
Once fully operational, the Florence mine is projected to produce 85 million pounds of LME Grade A copper annually, with a mine life of 22 years. This new production capacity will boost Taseko’s overall copper output by 120%, based on the company’s 2024 production guidance of 110-115 million pounds of copper.
In addition to the Florence project, Taseko Mines' portfolio includes the Gibraltar mine in south-central British Columbia and the New Prosperity copper-gold project near Williams Lake, also in British Columbia.
