Taseko Mines Achieves Record $244M Q4 Revenue, Faces Florence Ramp-Up Delays
Taseko Mines reported record revenue of $244M in Q4 and $673M for 2025, with Gibraltar output of 31M lbs copper and 0.8M lbs molybdenum despite encountering unexpected oxide and supergene ore. Commissioning delays at Florence and conservative grade forecasts may constrain near-term output despite $340M liquidity.
1. Record Revenue and Production
Taseko Mines delivered record Q4 revenue of $244 million and annual revenue of $673 million, while Gibraltar operations produced 31 million pounds of copper and 800,000 pounds of molybdenum, driven by higher recoveries before ore variances.
2. Operational Challenges at Florence
Commissioning of the SX/EW plant at Florence ran behind schedule, delaying copper output, although initial wellfield leaching exceeded expectations with faster acidification and improved injection flow rates.
3. Geological Adjustments at Gibraltar
In the Connector pit, higher-than-expected oxide and supergene ore impacted recoveries, prompting a geological model update; the company has adopted a conservative reserve grade of 0.25% with a 5–10% downside adjustment for skewed high-grade zones.
4. Liquidity and Capital Guidance
Taseko maintains a robust liquidity of $340 million, including $188 million cash and $110 million undrawn credit, while capitalized stripping of $80 million last year is set to decline and sustaining capex focuses on tailings work with no unusual items.