Canada’s Taseko Mines (TSX, LON: TKO) (NYSE MKT: TGB) announced on Monday that construction at its Florence copper project in Arizona is almost 40% complete, on track for first production by the fourth quarter of 2025.
Since construction began earlier this year, nearly 300,000 work hours have been logged without any reported injuries or environmental incidents, Taseko said. Currently, 280 workers are on-site, and all project activities are proceeding as scheduled, it noted.
Taseko’s focus has been on earthworks, concrete pouring, and wellfield drilling, achieving new milestones, such as the installation of structural steel and process equipment.
“With approximately 75% of total construction costs now committed, we expect total costs to be within 10-15% of the original $232 million estimate,” president and chief executive Stuart McDonald said in the update.
Getting to this point hasn’t been easy. Taseko faced initial opposition and legal challenges over fears of the mine’s environmental impact.
The US Environmental Protection Agency cleared the way in November last year, issuing the final permit required to begin construction at Florence.
Shortly after, Taseko secured additional fundings totalling $100 million for the proposed copper mine, supplementing the previous financings from its partner Mitsui as well as Bank of America.
When fully operational, the 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%, based on a 2024 guidance of 110 million-115 million pounds of the metal.
The Vancouver-based miner’s portfolio also includes the Gibraltar mine in south-central British Columbia, and the New Prosperity copper-gold project, near Williams Lake, also in B.C.
