-- Taseko Mines (TKO.TO), up 5.3% on last look, on Tuesday provided first-quarter operational and production update results for Florence Copper and the Gibraltar Mine.
The Florence Copper plant in Tucson, Arizona, began operations in mid-February and first copper cathodes were harvested at the end of February. For the first quarter, 1.5-million pounds of copper cathode were produced. Solutions have been flowing in the wellfield since late 2025 and initial copper leaching and production is in line with expectations, a statement said.
The Gibraltar mine in British Columbia produced 30.0-million pounds of copper and 717,000 pounds of molybdenum in the first quarter, a 50% and 113% increase respectively over the same period in 2025. Copper sales in the first quarter were 27-million pounds, below production due to shipment timing.
"Despite recent global events, copper markets have remained very strong and the average LME copper price in the first quarter was 16% higher than the previous quarter. Diesel prices have also increased and, at current levels, would increase Gibraltar operating costs by approximately US$0.10 to US$0.15 per pound this year. At Florence Copper, we have a fixed price contract in place for all sulphuric acid requirements in 2026, so do not expect any impact from recent inflationary pressure and global supply chain issues. Overall, we continue to anticipate strong financial performance from steady Gibraltar production and growing production from Florence Copper," said chief executive Stuart McDonald.
Taseko Mines shares were last seen up $0.54 to $10.78 on the Toronto Stock Exchange.
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