Taseko announces First Cathode Harvest at Florence Copper
Taseko transforms into multi-asset producer as Florence Copper harvests first cathode, offsetting grade challenges at Gibraltar.
The most recent news (March 2, 2026) confirms that Taseko has harvested the first copper cathodes from its Florence Copper operation in Arizona. This follows the February 18, 2025, announcement of the commencement of production. Florence is utilizing In-Situ Copper Recovery (ISCR), a low-cost, low-carbon extraction method. The project is expected to produce 85 million pounds of copper annually at full capacity with a 22-year mine life. Concurrently, the company reported full-year 2025 results showing Adjusted EBITDA of $230 million, though it recorded a net loss of $30 million due to non-cash unrealized marks on liabilities.
The transition of Florence Copper from a construction project to a producing asset is a material positive milestone. - De-risking: The successful harvest of the first cathode proves the commercial viability of the SX/EW plant and the ISCR wellfield. - Production Growth: Florence is expected to contribute 30-35 million pounds in 2026, ramping up to 85 million pounds. This significantly diversifies Taseko’s production base, which was previously 100% reliant on the Gibraltar mine. - Cash Flow: Florence is a "lowest quartile" cost producer (C1 costs estimated at US$1.11/lb). This will provide high-margin cash flow to help deleverage the balance sheet. - Gibraltar Offset: The positive news at Florence is critical because the flagship Gibraltar mine is facing headwinds. Management noted a "more conservative view" on grades at Gibraltar due to geological modeling errors in the Connector pit and higher-than-expected oxide/supergene ore, which lowers recoveries.
Taseko is a North American copper producer. - Flagship 1 (Gibraltar): Located in BC, Canada. It is the second-largest open-pit copper mine in Canada. It currently faces challenges with ore complexity and grade reconciliation in the Connector pit. - Flagship 2 (Florence Copper): Located in Arizona, USA. An ISCR project that has just reached production. It is the company's primary growth driver. - Pipeline: Includes the Yellowhead project (large-scale BC copper) and the New Prosperity project (long-standing conflict recently resolved via the Teẑtan Biny Agreement).