Taseko Mines - Analysis

Financial Risk

Taseko Mines has experienced strong financial performance in recent quarters, reporting an adjusted EBITDA of C$50 million in Q1 2024, which is a 38% increase from the previous year1. The company also reported revenue of C$147 million and adjusted earnings of C$8 million or C$0.03 per share for the same period2. Despite recent challenges, such as the suspension of operations at the Gibraltar mine due to a strike, Taseko remains well-capitalized following a recent notes offering, leaving it in a strong financial position with solid cash reserves3.

Looking ahead, Taseko's prospects are promising, particularly with the anticipated commercial production from the Florence Copper project slated for 2025. This project is expected to significantly enhance Taseko's copper production capabilities while setting new benchmarks for energy use, water consumption, and GHG emissions in copper mining4. Furthermore, Wall Street analysts expect Taseko to report adjusted earnings per share of $0.23 in 2025, up from $0.11 in 2023, indicating a positive growth trajectory5. Overall, Taseko is positioned for sustainable growth and value delivery to shareholders, supported by strategic project advancements and a resilient financial strategy.
1: In Q1 of 2024, Taseko Mines reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of C$50 million, 38% higher than the year-ago period. It reported revenue of C$147 million and adjusted earnings of C$8 million, or C$0.03 per share, in the March quarter. In the year-ago period, Taseko reported revenue of C$115.5 million and adjusted net income of C$2.64 million, or C$0.01 per share. View Source2: In Q1 of 2024, Taseko Mines reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of C$50 million, 38% higher than the year-ago period. It reported revenue of C$147 million and adjusted earnings of C$8 million, or C$0.03 per share, in the March quarter. In the year-ago period, Taseko reported revenue of C$115.5 million and adjusted net income of C$2.64 million, or C$0.01 per share. View Source3: Rene Cartier’s rating is based on multiple aspects of Taseko Mines’ current financial and operational status. Despite the temporary suspension of operations at the Gibraltar mine, Cartier acknowledges the company’s strong financial position after a recent notes offering, which leaves Taseko well-capitalized with a solid cash balance. Additionally, the anticipated developments at the Florence project are expected to proceed as planned, demonstrating the company’s resilience and potential for growth. This perspective maintains confidence in the company’s capacity to address and overcome the temporary setback caused by the mining stoppage. Furthermore, Cartier emphasizes the pre-strike awareness of lower production levels in the second quarter of 2024 due to the in-pit crusher move, suggesting that the impact of the strike on overall production may have been somewhat anticipated and factored into planning. With Taseko’s history of successful bargaining agreements and proactive management strategies, the analyst projects a return to normal operations without significant long-term detriment. The combination of a strong financial standing, strategic management, and the advancement of key projects underpins Cartier’s Buy rating for Taseko Mines. View Source4: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source5: Wall Street expects Taseko to report adjusted earnings per share of $0.23 in 2025, up from $0.11 in 2023. Priced at 10x forward earnings, TGB stock is quite cheap. View Source
Risk Score: 1
The strong financial performance, growing adjusted EBITDA, robust cash reserves, promising project advancements, and positive earnings projections indicate that Taseko Mines is well-positioned for sustainable growth and unlikely to face significant financial risk in the coming years6789.
6: In Q1 of 2024, Taseko Mines reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of C$50 million, 38% higher than the year-ago period. It reported revenue of C$147 million and adjusted earnings of C$8 million, or C$0.03 per share, in the March quarter. In the year-ago period, Taseko reported revenue of C$115.5 million and adjusted net income of C$2.64 million, or C$0.01 per share. View Source7: Rene Cartier’s rating is based on multiple aspects of Taseko Mines’ current financial and operational status. Despite the temporary suspension of operations at the Gibraltar mine, Cartier acknowledges the company’s strong financial position after a recent notes offering, which leaves Taseko well-capitalized with a solid cash balance. Additionally, the anticipated developments at the Florence project are expected to proceed as planned, demonstrating the company’s resilience and potential for growth. This perspective maintains confidence in the company’s capacity to address and overcome the temporary setback caused by the mining stoppage. Furthermore, Cartier emphasizes the pre-strike awareness of lower production levels in the second quarter of 2024 due to the in-pit crusher move, suggesting that the impact of the strike on overall production may have been somewhat anticipated and factored into planning. With Taseko’s history of successful bargaining agreements and proactive management strategies, the analyst projects a return to normal operations without significant long-term detriment. The combination of a strong financial standing, strategic management, and the advancement of key projects underpins Cartier’s Buy rating for Taseko Mines. View Source8: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source9: Wall Street expects Taseko to report adjusted earnings per share of $0.23 in 2025, up from $0.11 in 2023. Priced at 10x forward earnings, TGB stock is quite cheap. View Source

Management Team

Taseko Mines' management team is composed of competent and seasoned professionals who are well-positioned to lead the company towards long-term success. The leadership has demonstrated a strategic vision and operational acumen that are crucial for navigating the complexities of the mining industry and capitalizing on growth opportunities.

  • Stuart McDonald, President and CEO: Stuart McDonald has been instrumental in steering Taseko towards robust financial performance and strategic project advancements. Under his leadership, the company has seen substantial growth and successful financial maneuvers, such as a recent notes offering that strengthened the company's cash reserves and financial standing10. McDonald’s forward-thinking approach is further evident in the progress of the Florence Copper project, which is expected to significantly boost Taseko's copper production and set new standards for sustainability in the industry11.

  • Richard Weymark, Vice President, Engineering: Richard Weymark plays a critical role in overseeing the technical aspects of Taseko's projects. His approval of technical information for the Florence Copper Project reflects a high level of expertise and commitment to ensuring the project's success while adhering to stringent environmental guidelines12.

  • Richard Tremblay, Chief Operating Officer: Richard Tremblay has been pivotal in the construction and operational planning of the Florence Copper commercial facility. His oversight ensures that the project meets its milestones and operational targets, maintaining Taseko’s reputation for operational excellence13.

  • Additional Leadership: Beyond the core executive team, Taseko benefits from a broader management team characterized by a diverse set of skills and experiences. This includes expertise in sustainable growth, operational excellence, and strategic partnerships with Indigenous Nations and local communities14. This holistic approach to management ensures that Taseko not only achieves its financial and operational goals but also contributes positively to the communities in which it operates.

Collectively, Taseko's management team brings a wealth of experience, a strategic vision for growth, and a commitment to sustainable mining practices. The combination of these attributes positions Taseko Mines for ongoing success and value delivery to shareholders, even as they navigate current challenges such as the temporary suspension of operations at the Gibraltar mine151617. The team’s capacity for strategic decision-making and commitment to operational excellence underscores their capability to lead Taseko Mines into a prosperous future.
10: Rene Cartier’s rating is based on multiple aspects of Taseko Mines’ current financial and operational status. Despite the temporary suspension of operations at the Gibraltar mine, Cartier acknowledges the company’s strong financial position after a recent notes offering, which leaves Taseko well-capitalized with a solid cash balance. Additionally, the anticipated developments at the Florence project are expected to proceed as planned, demonstrating the company’s resilience and potential for growth. This perspective maintains confidence in the company’s capacity to address and overcome the temporary setback caused by the mining stoppage. Furthermore, Cartier emphasizes the pre-strike awareness of lower production levels in the second quarter of 2024 due to the in-pit crusher move, suggesting that the impact of the strike on overall production may have been somewhat anticipated and factored into planning. With Taseko’s history of successful bargaining agreements and proactive management strategies, the analyst projects a return to normal operations without significant long-term detriment. The combination of a strong financial standing, strategic management, and the advancement of key projects underpins Cartier’s Buy rating for Taseko Mines. View Source11: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source12: Note: The Florence Copper Project technical information on the Overview, Timeline, and Photos & Video tabs has been reviewed and approved by Richard Weymark, P.Eng., Vice President, Engineering of Taseko and a Qualified Person as defined by National Instrument 43-101. The Florence Copper Project information under the Construction Updates tab has been reviewed and approved by Richard Tremblay, P.Eng., Chief Operating Officer of Taseko and a Qualified Person as defined by National Instrument 43-101. See Reserves & Resources for further information. View Source13: Note: The Florence Copper Project technical information on the Overview, Timeline, and Photos & Video tabs has been reviewed and approved by Richard Weymark, P.Eng., Vice President, Engineering of Taseko and a Qualified Person as defined by National Instrument 43-101. The Florence Copper Project information under the Construction Updates tab has been reviewed and approved by Richard Tremblay, P.Eng., Chief Operating Officer of Taseko and a Qualified Person as defined by National Instrument 43-101. See Reserves & Resources for further information. View Source14: Operational excellence. Sustainable growth. Taseko has emerged as North America’s next mid-tier copper producer. With our stable, long-life foundational asset, the Gibraltar Mine in central British Columbia, and near-term commercial production from our low-cost, low energy and low-GHG intensity Florence Copper project in Arizona, Taseko’s annual copper production is poised for significant growth. Long recognized for its operational excellence, Taseko presents an unparalleled growth opportunity for copper investors. News Releases Reports & Documents Financial Reports 360 degrees of value Taseko is driven to unlock the true value of copper for our investors, employees and operating communities, and for a complex and changing world. Beyond profitable operations our work supports: well-paid careers; healthy and safe workplaces; vibrant communities; partnerships with Indigenous Nations; government programs and services; products and technologies for a more sustainable future. Sustainability Indigenous Relations Beyond Potential Corporate Giving Program Achieve your true potential Working for Taseko provides new and future employees an opportunity to work alongside skilled and experienced professionals in technical, operational and management roles. Our people are characterized by an authentic desire to achieve personal goals, while contributing to business success and a brighter shared future. We look for people with ambition and integrity, people driven to achieve personal and collective goals, and resourceful in their work and personal lives. Current Opportunities Commitment to our Workforce About Us View Source15: Rene Cartier’s rating is based on multiple aspects of Taseko Mines’ current financial and operational status. Despite the temporary suspension of operations at the Gibraltar mine, Cartier acknowledges the company’s strong financial position after a recent notes offering, which leaves Taseko well-capitalized with a solid cash balance. Additionally, the anticipated developments at the Florence project are expected to proceed as planned, demonstrating the company’s resilience and potential for growth. This perspective maintains confidence in the company’s capacity to address and overcome the temporary setback caused by the mining stoppage. Furthermore, Cartier emphasizes the pre-strike awareness of lower production levels in the second quarter of 2024 due to the in-pit crusher move, suggesting that the impact of the strike on overall production may have been somewhat anticipated and factored into planning. With Taseko’s history of successful bargaining agreements and proactive management strategies, the analyst projects a return to normal operations without significant long-term detriment. The combination of a strong financial standing, strategic management, and the advancement of key projects underpins Cartier’s Buy rating for Taseko Mines. View Source16: Wall Street expects Taseko to report adjusted earnings per share of $0.23 in 2025, up from $0.11 in 2023. Priced at 10x forward earnings, TGB stock is quite cheap. View Source17: Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona. Taseko Mines Limited was incorporated in 1966 and is headquartered in Vancouver, Canada. View Source
Risk Score: 1
The management team at Taseko Mines is composed of experienced and competent professionals who have demonstrated robust financial performance and strategic vision. This includes significant achievements such as recent financial maneuvers and advancements in sustainable mining projects, indicating their capability and commitment to long-term success.

Mining Projects

Taseko Mines Ltd. is a dynamic and growing mid-tier mining company, primarily focused on copper production. The company's strategic acquisition and development of mineral properties in North America position it well for long-term operational success and sustainable growth. Below are selected mining projects owned and operated by Taseko Mines:

  • Gibraltar Mine (British Columbia, Canada)
  • Ownership: 100% interest
  • Scope: Second largest open-pit copper mine in Canada
  • Production: Previously producing 130 million pounds of copper per year until recent operational suspension due to a strike
  • Key Details: Hosts a state-of-the-art, award-winning copper mining and processing facility with a long life and stable production profile181920.

  • Florence Copper (Arizona, USA)
  • Ownership: 100% interest
  • Scope: In-situ copper recovery (ISCR) project
  • Production: Expected to enter commercial production in 2025, with a capacity of 85 million pounds of copper annually and a mine life of 22 years
  • Key Details: Recognized for energy efficiency, low water consumption, and low GHG emissions; construction of the commercial production facility commenced in January 20242122.

  • Yellowhead Project (British Columbia, Canada)
  • Ownership: 100% interest
  • Scope: Advanced-stage copper project with potential to be one of the largest copper mines in Canada
  • Key Details: Situated in the Thompson-Nicola Region; long-term development potential23.

  • Aley Project (British Columbia, Canada)
  • Ownership: 100% interest
  • Scope: Niobium project
  • Key Details: Strategic reserve asset for future development24.

  • New Prosperity (British Columbia, Canada)
  • Ownership: 100% interest
  • Scope: Gold and copper project
  • Key Details: Project faced initial rejections due to environmental concerns but remains a valuable asset with potential for revival under favorable conditions25.

Taseko Mines' portfolio of mining projects demonstrates a well-balanced mix of operational assets and development potential, securing its position as a notable player in the North American copper mining landscape. This diversity in projects supports the company's strategic goals for sustainable growth and value delivery to shareholders.
18: Cariboo Region, BC Gibraltar Taseko’s foundational asset (87.5% owned) hosts a state-of-the-art, award-winning copper mining and processing facility, with a long life and stable production profile. View Source19: The Gibraltar mine produced 30 million pounds of copper and 247,000 pounds of molybdenum in Q1, while Taseko’s operating cash costs stood at $2.46 per pound of copper. View Source20: Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona. Taseko Mines Limited was incorporated in 1966 and is headquartered in Vancouver, Canada. View Source21: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source22: Taseko is also close to beginning production at Florence in-situ copper recovery mine in Arizona, which is estimated for the fourth quarter of 2025. View Source23: Thompson-Nicola Region, BC Yellowhead Taseko’s next-in-line development project has the potential to be one of the largest copper mines in Canada. View Source24: Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona. Taseko Mines Limited was incorporated in 1966 and is headquartered in Vancouver, Canada. View Source25: 1991 - acquired by Taseko Mines Sep 25, 2007 - feasibility study completed for 70,000 tonnes per day with 20 year mine life July 2008 - Environmental assessment begins November 2010 - initial open-pit proposal rejected by Canadian Environmental Assessment Agency review board. Environment Minister Jim Prentice and the minority Tory government support the rejection.[3] November 2011 - Taseko President Russell Hallbauer sends a letter to Environment Minister Peter Kent suggesting that the proposal was rejected for "spiritual" rather than environmental reasons.[4] 2014 - Second rejection of mine by Harper government for environmental reasons January 2017 - Attempted revival of dead project that has no support from local First Nation View Source
Risk Score: 2
The Taseko Mines portfolio consists of several mining projects, including the operational Gibraltar Mine and the upcoming Florence Copper project, with additional projects in development such as Yellowhead, Aley, and New Prosperity2627282930. Although Gibraltar's suspension and Florence's future production represent some risk, their diverse range of assets and promising future projects indicate a low-to-moderate risk profile.
26: Cariboo Region, BC Gibraltar Taseko’s foundational asset (87.5% owned) hosts a state-of-the-art, award-winning copper mining and processing facility, with a long life and stable production profile. View Source27: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source28: Thompson-Nicola Region, BC Yellowhead Taseko’s next-in-line development project has the potential to be one of the largest copper mines in Canada. View Source29: Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona. Taseko Mines Limited was incorporated in 1966 and is headquartered in Vancouver, Canada. View Source30: 1991 - acquired by Taseko Mines Sep 25, 2007 - feasibility study completed for 70,000 tonnes per day with 20 year mine life July 2008 - Environmental assessment begins November 2010 - initial open-pit proposal rejected by Canadian Environmental Assessment Agency review board. Environment Minister Jim Prentice and the minority Tory government support the rejection.[3] November 2011 - Taseko President Russell Hallbauer sends a letter to Environment Minister Peter Kent suggesting that the proposal was rejected for "spiritual" rather than environmental reasons.[4] 2014 - Second rejection of mine by Harper government for environmental reasons January 2017 - Attempted revival of dead project that has no support from local First Nation View Source

Geopolitical Risk

Taseko Mines faces a moderately complex geopolitical risk landscape. The company operates primarily in North America, which generally offers stable governance and regulatory environments. However, the recent strike and suspension of operations at the Gibraltar mine in British Columbia exemplify the potential for labor disputes and social unrest to impact operations3132. The strike, led by 550 union workers, was due to a failure to reach a new contract agreement, underscoring the potential for future labor negotiations to disrupt operations3334.

Despite these challenges, Taseko's proactive management and history of successful collective bargaining agreements are positive indicators that the company can navigate such issues without long-term detrimental effects35. Additionally, the company’s strategic advancements in projects like the Florence Copper in Arizona, which is set to begin commercial production in 2025, help mitigate some operational risks by diversifying production sites and introducing new, lower-cost production capabilities3637.

In summary, while Taseko Mines must manage labor-related risks and the complexities of operating in different regulatory environments, their strategic project diversification and experienced management team contribute to a balanced geopolitical risk profile.
31: ReutersCanada's Taseko shares fall 8% after strike at Gibraltar mineShares of Canadian copper miner Taseko Mines fell 8% on Monday on the Toronto Stock Exchange as the company suspended operations at its Gibraltar mine after workers called a strike over the weekend. Unifor, the union representing 550 mine workers said on Saturday the disruption was the company's doing as they had been negotiating for a new contract since February. He added the corporate headquarters should take a fiscally responsible decision of getting a new contract with the workers while the commodity price is high.PR NewswireTaseko Announces that Operations at its Gibraltar Mine have been SuspendedTaseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) ("Taseko" or the "Company") announced today that operations at the Company's Gibraltar Mine have been suspended.The Motley Fool3 Copper Stocks to Buy as the Commodity Continues to SoarAre you looking to get in on the growth of copper stocks? These are the biggest heavy hitters out there and could continue to surge in share price. The post 3 Copper Stocks to Buy as the Commodity Continues to Soar appeared first on The Motley Fool Canada. View Source32: However, in the last week, the mining stock has lost 10% after it suspended operations at the Gibraltar copper mine in British Columbia. Taseko failed to reach an agreement with union workers, which led to the suspension of mining operations. This development will negatively impact revenue and earnings for Taseko in the near term, as Gibraltar is the second largest open-pit copper mine in Canada, producing 130 million lbs of copper each year. View Source33: More than 500 workers went on strike over the weekend at Taseko Mines’ (TSX, LON: TKO) (NYSE: TGB) Gibraltar copper operation in central British Columbia, Canada, following unsuccessful contract negotiations. View Source34: A statement from the union, Unifor, says contract talks began in February, but they didn’t result in an accord with Taseko as the miner allegedly “refused to negotiate basic terms of a new collective agreement.” View Source35: Rene Cartier’s rating is based on multiple aspects of Taseko Mines’ current financial and operational status. Despite the temporary suspension of operations at the Gibraltar mine, Cartier acknowledges the company’s strong financial position after a recent notes offering, which leaves Taseko well-capitalized with a solid cash balance. Additionally, the anticipated developments at the Florence project are expected to proceed as planned, demonstrating the company’s resilience and potential for growth. This perspective maintains confidence in the company’s capacity to address and overcome the temporary setback caused by the mining stoppage. Furthermore, Cartier emphasizes the pre-strike awareness of lower production levels in the second quarter of 2024 due to the in-pit crusher move, suggesting that the impact of the strike on overall production may have been somewhat anticipated and factored into planning. With Taseko’s history of successful bargaining agreements and proactive management strategies, the analyst projects a return to normal operations without significant long-term detriment. The combination of a strong financial standing, strategic management, and the advancement of key projects underpins Cartier’s Buy rating for Taseko Mines. View Source36: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source37: “Taseko is in a very unique position heading into 2024 with a fully permitted, low-cost project that will provide 80% growth to our North American copper production profile in the coming years,” Taseko CEO Stuart McDonald said in a news release. View Source
Risk Score: 2
Despite operating in generally stable North American regions, Taseko Mines faces moderate geopolitical risks due to labor disputes and social unrest, exemplified by the recent strike at the Gibraltar mine. These challenges necessitate ongoing vigilance and strategic management to mitigate potential disruptions, thus justifying a low-to-moderate risk score.

Potential for a 10x Return

Taseko Mines presents a unique potential for substantial growth, with factors in place that could lead to high returns for investors. The completion and commencement of the Florence Copper project in Arizona in 2025, which is set to offer efficient production with low GHG emissions and cost, stands as a significant catalyst for Taseko's growth3839. Florence is expected to contribute 85 million pounds of copper annually over a 22-year mine life, bolstering Taseko's production capacity significantly40. Additionally, the company's historical financial performance and projections indicate a positive trajectory, with Wall Street expecting adjusted earnings per share to grow from $0.11 in 2023 to $0.23 in 20254142.

However, the idea of Taseko delivering a 10x return may still be considered optimistic. Various risk factors, such as the recent suspension at the Gibraltar mine and the potential for future labor disputes, present significant challenges4344. While Taseko's well-capitalized position and strategic project pipeline suggest considerable growth potential, these elements indicate that achieving a 10x return would require not only successful execution of all projects but also favorable market conditions and the resolution of ongoing operational challenges. Thus, while possible, a 10x return remains ambitious under current circumstances.
38: Taseko is also close to beginning production at Florence in-situ copper recovery mine in Arizona, which is estimated for the fourth quarter of 2025. View Source39: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source40: Taseko’s wholly-owned Florence Copper is expected to enter commercial production in 2025 as one of the most efficient copper producers in the world. Florence Copper is an in-situ copper recovery (ISCR) project that will produce LME Grade A copper metal on-site with an unmatched energy, water and GHG intensity per pound of copper produced. Located south of Phoenix in the community of Florence, Arizona, Florence Copper will be a significant employer in the region and the state, supporting more than 800 Arizona jobs. Construction of the commercial production facility at Florence Copper began in 2024, with first copper production expected in Q4 2025. When fully operational, the facility will have a production capacity of 85 million pounds of LME Grade A copper metal each year and a mine life of 22 years. Construction Updates Delivering best-in-class energy use, water consumption and GHG emissions Florence Copper will set a new standard for efficient and environmentally sound copper production in North America by utilizing an in-situ copper recovery (ISCR) extraction method and solvent extraction/electrowinning (SX/EW) processing to produce LME Grade A copper cathode on-site. In the ISCR process, a low-pH solution is injected into a naturally fractured copper orebody via a series of injection wells, causing copper minerals to dissolve into solution prior to being pumped to surface through recovery wells. Hydraulic control of the solution is maintained through carefully managed pumping rates and verified with monitoring and compliance wells. At surface, the copper-bearing solution is processed through an SX/EW plant to produce copper cathode on site. Operations at Florence Copper do not require blasting, loading, hauling, dumping, crushing or conveying of mineralized material, resulting in 75% fewer GHG emissions, 65% less energy use and 78% less water consumed per pound of copper produced compared to conventional open-pit copper mines in Arizona. In January 2024, construction of the Florence Copper commercial facility commenced.  Check back regularly to see photos of the construction process.  All Posts Company Updates 03.01.2024 Wellfield drilling has commenced Construction of the commercial production facility at Florence Copper has commenced. The first drill rig arrived on site in February and wellfield drilling began shortly after. View More 02.01.2024 Site preparations are underway Preparation for construction activity is underway at Florence Copper; long-lead items have arrived on site and site preparation is underway View More 2024 Construction of the Commercial Facility Commenced In January 2024, construction of the Florence Copper commercial facility commenced.  For regular updates on the construction process see the Construction Updates tab. 2023 Final UIC Permit Issued In September 2023, the Environmental Protection Agency issued the Underground Injection to Florence Copper.  The Project is now one of the very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, Taseko will begin to mobilize contractors for the wellfield and SX/EW plant construction.  2020 Permitting of Commercial Production Facility Concurrent with operation of the PTF, Taseko has advanced a permit amendment process to transition to full commercial production. In 2020, the Arizona Department of Environmental Quality issued the final Aquifer Protection Permit (APP) for the commercial production facility; the US Environmental Protection Agency is expected to issue a final Underground Injection Control (UIC) permit in 2023. The APP and UIC are the two key permits required to advance Florence Copper into commercial production. 2019 Copper Production In 2019, the first harvest of 3,700 pounds of copper cathode (32 sheets x 117 pounds) was made at Florence Copper. The copper sheets produced were assayed at more than 99.9% pure copper. PTF operations at Florence Copper successfully demonstrated Taseko’s ability to produce high-quality copper cathode within the stringent environmental guidelines of federal and state permits. It also informed the positive economic projections for the project. 2018 Wellfield Operations Commenced PTF wellfield operations commenced in 2018, with injection and recovery systems ramping up to full capacity within a short timeframe. By the end of the year, solutions were flowing at forecast levels and copper was detected in solutions recovered from process sample wells. 2017 PTF Construction In 2017, Taseko initiated construction of a Production Test Facility (PTF) at Florence Copper. Construction of the PTF, which included 24 injection, recovery and monitoring wells and an SX/EW plant, was completed in the third quarter of 2018. Featured Videos A Proven Success Florence Copper is setting a new standard for conservation and environmental protection in copper mining. Play Video What is In-situ Copper Recovery? Play Video Florence Copper Production Test Facility Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image Click to Enlarge Image View Source41: Wall Street expects Taseko to report adjusted earnings per share of $0.23 in 2025, up from $0.11 in 2023. Priced at 10x forward earnings, TGB stock is quite cheap. View Source42: In its Q1 of 2024 report, Taseko stated that the net present value of the Florence Copper Project is about $930 million if we assume an after-tax discount rate of 8% and copper prices at $3.75 per pound. The after-tax internal rate of return is around 47%, indicating a payback period of 2.6 years. View Source43: Rene Cartier’s rating is based on multiple aspects of Taseko Mines’ current financial and operational status. Despite the temporary suspension of operations at the Gibraltar mine, Cartier acknowledges the company’s strong financial position after a recent notes offering, which leaves Taseko well-capitalized with a solid cash balance. Additionally, the anticipated developments at the Florence project are expected to proceed as planned, demonstrating the company’s resilience and potential for growth. This perspective maintains confidence in the company’s capacity to address and overcome the temporary setback caused by the mining stoppage. Furthermore, Cartier emphasizes the pre-strike awareness of lower production levels in the second quarter of 2024 due to the in-pit crusher move, suggesting that the impact of the strike on overall production may have been somewhat anticipated and factored into planning. With Taseko’s history of successful bargaining agreements and proactive management strategies, the analyst projects a return to normal operations without significant long-term detriment. The combination of a strong financial standing, strategic management, and the advancement of key projects underpins Cartier’s Buy rating for Taseko Mines. View Source44: More than 500 workers went on strike over the weekend at Taseko Mines’ (TSX, LON: TKO) (NYSE: TGB) Gibraltar copper operation in central British Columbia, Canada, following unsuccessful contract negotiations. View Source
Risk Score: 2
While Taseko Mines has promising growth potential, particularly with the Florence Copper project set to boost production, several risk factors such as the recent suspension of operations at the Gibraltar mine and potential labor disputes present challenges. Although the company's well-capitalized position and strategic advancements indicate growth opportunities, achieving a 10x return remains optimistic under current circumstances. Hence, it aligns with a low-to-moderate risk for delivering a 10x return.
Important Disclaimer: this is not investment advice, and Emerging Trajectories is not an investment advisor of any sort. Please do not invest simply based on our forecasts, as this LLM-based approach is high-risk and very much experimental. The ideas shared are for discussion purposes only and should not be construed as financial advice. Stock markets are inherently risky, and you should always consult with a qualified financial advisor before investing. We cannot be held responsible for any losses incurred based on these thoughts or opinions.