Toronto, Jan 14, 2026, 14:06 ET — Regular session
- Taseko Mines’ shares listed in the U.S. jumped roughly 11% during afternoon trading
- Company reported progress on Florence Copper commissioning, with plant operations expected to begin soon
- The Gibraltar mine churned out 98 million lb of copper in 2025, with fourth-quarter production rebounding despite downtime and an accident.
Taseko Mines Limited shares rose Wednesday as the copper producer nears its initial production goal at the Florence Copper project in Arizona. The company also flagged a stronger finish to the year at its Gibraltar mine.
The company’s U.S.-listed shares (TGB) climbed roughly 11% to $7.25, outpacing the wider market.
This update is crucial since Florence is the company’s key growth driver. Investors want proof the plant can shift from construction to stable operations without hiccups. With copper prices heating up, any production news is under a sharper spotlight.
Taseko announced that construction at Florence is now finished, and attention has turned to commissioning the SX/EW plant — solvent extraction and electrowinning, which converts copper-bearing solution into copper cathode. Copper grades in the recovered solution have climbed to levels needed for plant operations, with wellfield injection rates meeting or exceeding expectations. 1
Chief executive Stuart McDonald said the team is focused on starting up the SX/EW plant “in the coming days,” with first copper cathode production expected “within a few weeks.”
At Gibraltar in British Columbia, Taseko reported copper production of 98 million pounds for 2025, alongside 1.9 million pounds of molybdenum. In the fourth quarter, copper output climbed to 31 million pounds, driven by a higher head grade of 0.26% and recoveries reaching 81%, the company said.
The company reported that unplanned mill downtime and a “serious accident” led to a temporary site-wide shutdown in November, restricting fourth-quarter production.
A securities filing revealed that Taseko provided the Florence and Gibraltar update in a Form 6-K on Tuesday. 2
Copper’s backdrop has been supportive. On Wednesday, benchmark three-month copper on the London Metal Exchange surged to a record $13,407 a metric ton, driven by steady speculative demand. Yet some investors caution that such lofty prices could dampen buying from physical users. Ole Hansen, Saxo Bank’s head of commodity strategy, called hard assets “sensational” but warned of potential “demand destruction” if prices stay this high. 3
There’s also the risk that the copper rally has gotten too crowded. A Reuters analysis this week highlighted a spike in speculative activity across base metals and pointed to U.S. tariff uncertainty as a key factor behind market distortions. Such a setup could unravel quickly if traders shift their positions. 4
Taseko’s immediate focus is clear: will Florence kick off on time and deliver its first copper cathode as McDonald predicted? The key now is watching early operating rates once the initial ramp-up phase is behind them.
