VANCOUVER - Taseko Mines (NYSE:TGB) Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) has reported that its Florence Copper project in Arizona is 56% complete as of December 31, 2024, with first copper production expected before the end of 2025. The update indicates that construction is progressing according to schedule, with no reported injuries or environmental incidents over nearly 450,000 work hours.
The company detailed several key developments in the fourth quarter, including the completion of process and surface water runoff ponds, the placement and welding of solvent extraction modules, and the construction of 17 new production wells, bringing the total to 51 of the planned 90. Other milestones include the near completion of the main pipe corridor, the commencement of field-erected tank construction, and the initiation of mechanical and piping installations at the solvent extraction and electrowinning (SX/EW) plant.
President and CEO Stuart McDonald expressed satisfaction with the project's progress and noted that construction costs are in line with previous estimates. Despite the recent decline of their application for the Department of Energy’s 48C(e) tax credit, McDonald affirmed Taseko’s strong financial position, with C$330 million in available liquidity at year-end.
Florence Copper is poised to become the third-largest copper cathode producer in the United States upon completion, according to Wood Mackenzie data. This comes at a time when the U.S. is experiencing growth in copper demand and an increased focus on securing supply chains for critical materials.
The press release also stated that the company is focused on operational readiness, key vendor agreements, and recruiting, alongside construction efforts. The information provided in this article is based on a press release statement from Taseko Mines Limited.
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