08:27 AM EDT, 10/21/2024 (MT Newswires) -- Taseko Mines ( TGB ) said Monday that it continues to progress construction of the Florence copper project in Arizona.

The company said the project is approaching 40% completion, with first copper production still scheduled in the fourth quarter 2025.

Taseko's share price rose 1.3% at last look to US$2.42 in NYSE American trading following the news.

"We are pleased with progress through the first nine months of construction," President and CEO Stuart McDonald said. "With approximately 75% of total construction costs now committed, we expect total costs to be within 10-15% of the original US$232 million estimate."

Taseko said it applied to the US Energy Department's Qualifying Advanced Energy Project Credit Program, noting that Florence qualifies as a critical materials project.

"We have now filed the application seeking a tax credit of up to US$110 million, and we expect to hear whether Florence qualifies for the credit, or not, in January 2025," McDonald said.