Florence Copper Feasibility Study: $930M NPV, 47% IRR
Taseko Mines Limited's Florence Copper in Florence, Arizona, USA has a Feasibility Study outlining an after-tax NPV of $930M, an after-tax IRR of 47%, and initial capital of $276M. The mine plan runs 22 years at about 85 Mlb Cu cathode per year.
Taseko Mines Limited's Florence Copper has reported Feasibility Study results for the copper project in Florence, Arizona, USA. The study headlines an after-tax net present value of $930M at a 8% discount rate. It reflects Taseko Mines Limited's (TGB) latest disclosed economics for the asset.
Economics. The after-tax NPV is $930M using a 8% discount rate. After-tax IRR is 47%. Initial capital expenditure is estimated at $276M. The study models a payback period of 2.6 years. All-in sustaining costs are pegged at 1.11 USD/lb. Economics are based on US$3.75/lb copper (base case); at US$6.00/lb copper after-tax NPV is US$2.5 billion.
Production and mine plan. The project envisions an in-situ copper recovery (iscr) (wellfield with sx/ew) operation. Life of mine is 22 years. Average annual production is approximately 85 Mlb Cu cathode. Average head grade is PLS grade averaged >1.5 g/l (>85% of LOM average) since June 2026.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Taseko Mines Limited's technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- IRR after-tax
- 47%
higher than 100% of 34 projects we track
- NPV after-tax
- $930M
higher than 56% of 43 projects we track
- Initial capex
- $276M
30% of NPV
costlier than 19% of 47 projects we track
- Payback
- 2.6yrs
slower than 21% of 33 projects we track
- Mine life
- 22yrs
- Discount rate
- 8%
- Study price assumption
- US$3.75/lb copper (base case); at US$6.00/lb copper after-tax NPV is US$2.5 billion
- Spot copper today
- $6.67/lb
Florence, Arizona offers copper exposure with a feasibility-level build cost of $276M against a US$3.04B market cap, and that ratio is the first thing worth noticing. The company can fund this from its own balance sheet and existing portfolio rather than needing a transformative equity raise, which is the single biggest reason so many copper projects never get built. The 47% after-tax IRR ranks above every one of the 34 copper projects we track, and the 2.6-year payback sits ahead of 79% of the 33 we track on that measure. A 22-year mine life in a mining-friendly US jurisdiction, at feasibility stage, is a combination that rarely screens this well.
The catch is scale. An after-tax NPV of $930M ranks above only 56% of the 43 copper projects we track, so the returns are exceptional but the absolute prize is mid-table. This is one of five projects the company tracks, which means Florence is a value driver, not a company-maker. The 30% capex-to-NPV ratio is genuinely capital-light, but it also reflects a smaller operation than the IRR alone might suggest.
The study assumes US$3.75/lb copper. Spot is $6.67/lb, and at US$6.00/lb the after-tax NPV rises to US$2.5B. That gap is the crux: either the market is discounting copper prices back toward the study case, or it is skeptical about ramp-up execution at a project now in production. The 8% discount rate is a reporting convention and carries no signal here.
The question that decides this: can ramp-up deliver the throughput the feasibility study assumes, or does the mid-table NPV reflect a smaller asset than the headline IRR implies?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.