Vancouver-based copper miner Taseko Mines has reported a stronger third quarter, with improved operational performance at its Gibraltar mine, in British Columbia, and commissioning progressing toward first production at the Florence Copper project, in Arizona, early next year.

The company posted adjusted earnings before interest, tax, depreciation and amortisation of C$62-million and revenues of C$174-million for the three months ended September 30, from sales of 26-million pounds of copper and 421 000 lb of molybdenum. It recorded a net loss of C$28-million and adjusted net income of C$6-million.

Copper production at the Gibraltar mine increased to 27.6-million pounds, including 895 000 lb of cathode, as mining advanced into higher-grade zones in the Connector pit. Average copper grade was 0.22% and recoveries were 77%, both markedly higher than the previous two quarters. C1 costs declined to $2.87/lb, with further reductions expected in the fourth quarter.

At the company’s Florence Copper project, construction of the solvent extraction and electrowinning plant reached substantial completion in September, with commissioning now under way. Wellfield operations began in mid-October, and first solutions were injected in early November.

“Our construction and operating teams at Florence have achieved a number of significant milestones in recent months and have successfully completed this major capital project in line with our execution plan,” said president and CEO Stuart McDonald. “Initial flow rates in the commercial wellfield have been in line with expectations at this point of the wellfield ramp up process, and we’re now very close to first cathode production.”

Drilling on the wellfield will restart in the coming weeks to support cathode production ramp-up in 2026.

“Gibraltar copper production improved in the third quarter as mining advanced through the more complex mineralised zones, and copper grades and recoveries were stronger,” McDonald added. “The current benches in the Connector pit are expected to produce higher copper grades again in the fourth quarter and result in another increase in recoveries and copper production.”

He noted that a $173-million equity financing completed in October had strengthened Taseko’s balance sheet. Proceeds were used to repay the $75-million drawn on the corporate revolver and to fund further wellfield development at Florence Copper and advance the Yellowhead copper project in British Columbia.

“Despite the recent price volatility, the fundamentals of the copper market remain healthy. Copper prices are expected to remain strong in 2026 as accelerating demand from electrification and constrained mine supply continue to tighten the global market,” McDonald said.

Taseko’s Yellowhead project is planned as a 25-year operation producing 178-million pounds of copper a year at a cash cost of $1.90/lb, with an estimated net present value of C$2-billion.