Copper Discount Slowly Recovers, But Upward Momentum Weak Amid Ample Supply

Taseko Mines' Florence Copper project in Arizona has successfully produced its first copper cathodes, marking the first new copper production from a greenfield facility in the U.S. since 2008. The project employs a globally pioneering in-situ copper recovery technology and is expected to produce 85 million pounds of LME Grade A copper annually, making it the third-largest copper producer in the country. All copper produced will be supplied to the U.S. domestic market, supporting supply chain security for key sectors such as automotive, semiconductors, and defense.

Elemental Royalty Corporation (NASDAQ: ELE) has taken note of the announcement by Quilla Resources Inc. regarding the successful production of first copper cathode at the Chapi Copper Project in southern Peru. Elemental holds a 2.0% net smelter return royalty on the project and expects to receive its first royalty payment from Chapi in the first quarter of 2026. Company CEO David M. Cole stated that Quilla has rapidly advanced the project since acquiring the brownfield asset, completing technical refurbishment and operational planning on schedule and within budget. Production is now ramping up toward an initial nameplate capacity of approximately 10,000 tonnes of copper cathode per year, with this swift progress underscoring the project's value and potential.

Taseko Mines Ltd said its Florence Copper operation in Arizona has harvested its first copper cathodes marking the first new copper production from a greenfield facility in the U.S. since 2008 and a key milestone for domestic refined copper supply.