Taseko Provides Update on Florence Copper Ramp-up and Gibraltar 2025 Production Results
Florence Copper Nears First Cathode as Gibraltar Recovers from Operational Setbacks
The January 13, 2026, news release announces the successful completion of construction at the Florence Copper project in Arizona. The company has transitioned to the commissioning phase, with wellfield acidification underway and solution flowrates meeting or exceeding expectations. First copper cathode production is expected within a few weeks. Simultaneously, Taseko reported 2025 annual production from its Gibraltar Mine of 98 million pounds of copper and 1.9 million pounds of molybdenum. While Q4 2024 saw improved grades (0.26%) and recoveries (81%), the site suffered a "serious accident" in November that caused a temporary site-wide shutdown and unanticipated mill downtime for maintenance.
- Florence Copper Transition: This is the primary driver for the "Material - Positive" rating. Transitioning from a capital-heavy construction phase to an operational phase is a major de-risking event. The fact that solution grades already reach plant requirements suggests the In-Situ Copper Recovery (ISCR) process is performing as modeled chemically.
- Gibraltar Guidance Miss: Taseko previously lowered its 2025 guidance in October 2025 to 100–105 million pounds. The actual result of 98 million pounds is a miss even against the revised lower target. This indicates ongoing operational volatility at Gibraltar, exacerbated by the November accident and unscheduled maintenance.
- Improved Mill Performance: Despite the production miss, the exit rate for 2025 is strong. Q4 production of 31 million pounds is significantly higher than earlier quarters (e.g., Q1 at 20M lbs, Q2 at 20M lbs, Q3 at 27.6M lbs), showing that the move into the Connector pit is finally yielding the higher-grade ore promised throughout 2025.
- Safety and Operational Risk: The mention of a "serious accident" in November is a critical red flag. While the mine has resumed, such events often lead to increased regulatory scrutiny, insurance premium hikes, and potential liability, which were not detailed in the release.
Taseko Mines is a mid-tier copper producer focused on North America. - Gibraltar Mine (BC, Canada): The second-largest open-pit copper mine in Canada. It has been the sole source of cash flow but has struggled with grade consistency and recovery issues in 2025 as it moved through the Connector pit. - Florence Copper (Arizona, USA): The flagship growth project using In-Situ Copper Recovery (ISCR). It is designed to produce 85 million pounds of copper cathode annually at very low C1 costs (estimated at ~US$1.11/lb in previous studies). Its location in the US provides a strategic advantage regarding supply chain security.