Vancouver-based Taseko Mines has outlined a strong growth trajectory for its copper production in 2025, following a challenging 2024 impacted by labour disruptions and maintenance shutdowns.

The miner, which operates the Gibraltar mine in British Columbia, produced 106-million pounds of copper, which was in line with its revised guidance.

However, higher-than-normal scheduled downtime across both concentrators and an 18-day labour strike resulted in an estimated production shortfall of 15-million pounds of copper. Copper grades for the year averaged 0.23%, with total operating costs (C1) reported at $2.66/lb produced.

Looking ahead, Taseko expects copper output to climb to between 120-million and 130-million pounds in 2025 as mill operating time normalises. Further, the planned restart of the solvent extraction and electrowinning (SX/EW) plant is set to enhance production capacity.

The company said output would be weighted toward the second half of the year, with first-quarter production expected to be the lowest as lower-grade ore stockpiles are processed alongside mined material from a new pushback in the Connector pit.

“We had a strong finish to the year at Gibraltar and, with both concentrators operating well, the mine achieved a new record for quarterly mill throughput. With stable milling operations expected in 2025 we expect a significant improvement in annual production of copper and molybdenum, although we will see lower head grades in the first part of the year during a new pushback in the Connector pit. The refurbishment of the SX/EW plant is progressing on schedule and first cathode production at Gibraltar is anticipated in the second quarter," said president and CEO Stuart McDonald.

Meanwhile, Taseko also continues to advance development projects, including the Florence Copper project in Arizona. "Four drill rigs are advancing wellfield drilling which is scheduled for completion in the second quarter. Our construction workforce is currently at approximately 360 workers, and will reach peak manpower levels this quarter. First copper production continues to be targeted before the end of the year," reported McDonald.

Financially, Taseko remains well-positioned, ending the year with a cash balance of $173-million and total available liquidity of about $331-million, including its undrawn credit facility. The company is benefiting from rising copper prices, which have increased 8% since the start of the year, as well as favourable foreign exchange rates and improved cost structures at Gibraltar.

Taseko reported adjusted earnings before interest, taxes, depreciation and amortisation of $224-million and earnings from mining operations before depletion, amortisation, and non-recurring items totalling $244-million. The company recorded revenues of $608-million from the sale of 108-million pounds of copper and 1.4-million pounds of molybdenum. However, a net loss of $13-million ($0.05 loss a share) was recorded for the year, while adjusted net income stood at $57-million ($0.19 a share).