19th Feb 2026 03:11
(Alliance News) - Taseko Mines Ltd on Wednesday announced copper cathode production has begun at its Florence Copper project in Arizona, as the miner reported a swing to profit on stronger fourth quarter revenue.
The Vancouver, Canada-based mining company with a primary focus on copper assets said net income swung to CAD4.5 million profit, approximately USD3.3 million, in the three months to December 31 from a CAD21.2 million loss the previous year. Basic earnings per share swung to CAD0.01 from CAD0.07 loss.
Revenue climbed 45% to CAD243.8 million from CAD167.8 million.
Taseko said it mined 28.0 million tonnes of copper at its Gibraltar mine in Canada in the fourth quarter, up 4.0% from 24.0 million tonnes in the same period a year earlier. Milled copper dropped 1.1% to 7.2 million tonnes from 8.3 million tonnes.
Production in Gibraltar picked up 2.1% to 30.7 million pounds of copper from 28.6 million pounds previously, while sales increased 4.2% to 31.6 million pounds of copper from 27.4 million pounds.
For full year 2025, net loss narrowed to CAD13.4 million from CAD16.6 million while revenue rose to CAD672.9 million from CAD608.1 million.
Taseko revealed production of copper cathode has begun at its Florence Copper mine in Arizona.
President and Chief Executive Officer Stuart McDonald said: "2025 was a productive and highly successful year for Florence Copper. With construction and commissioning now behind us, we're looking forward to the first cathode harvest in the coming days. For the year ahead, the team's focus will be ramping up the operation to production capacity. Results from the initial wellfield operations are positive and we are targeting to produce 30 to 35 million pounds of copper in 2026. A key driver of the ramp up will be our ability to expand the wellfield and bring additional wells into production through the year.
"Gibraltar finished 2025 with strong production and cash flows in the fourth quarter. Looking ahead to 2026, we expect higher annual production and more consistent quarterly production, as mining activity is now well established in the Connector pit."
Taseko Mines expects total copper production for 2026 to be between 110 to 115 million pounds.
Taseko shares closed 1.1% higher at CAD11.01 in Toronto on Wednesday.
By Judy Amaca, Alliance News reporter Asia-Pacific
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