Taseko expects first Cu cathode in coming weeks as Florence Copper nears startup

Taseko

Taseko expects first Cu cathode in coming weeks from its Florence Copper project in Arizona. The company has completed construction at Florence Copper. As a result, Taseko expects first Cu cathode in coming weeks after missing its earlier end-2025 startup target.

Taseko expects first Cu cathode in coming weeks while it also leans on its producing Gibraltar mine in British Columbia. Gibraltar delivered 31mn lbs of copper in the fourth quarter, up 12pc from the third quarter. Meanwhile, 2025 copper output reached 98mn lbs, slightly below the company’s earlier projection.

Florence Copper startup adds a new US copper cathode stream

Florence Copper matters because it should diversify Taseko’s production base beyond Gibraltar. The project also positions Taseko inside the US copper supply chain. Therefore, the first cathode milestone becomes a key credibility marker for schedule execution.

Startup timing still shapes near-term sentiment. However, construction completion reduces execution risk versus earlier phases. As a result, investors will shift attention to ramp-up stability, recovery rates, and operating cost performance.

Gibraltar performance sets the 2026 baseline

Gibraltar performance matters because it funds growth and smooths cash flow. The mine’s 2025 copper output fell slightly short due to unscheduled maintenance and a temporary shutdown after a serious accident in November. Meanwhile, molybdenum output improved, with 800,000 lbs produced in the fourth quarter and 1.9mn lbs for the year.

Management expects more consistent quarterly production in 2026. Therefore, Gibraltar’s reliability will remain central even as Florence Copper starts producing. However, operational discipline and safety performance will stay under scrutiny after the November incident.

The Metalnomist Commentary

This is a classic transition moment from build to operate, and the first cathode is the real starting gun. However, the market will judge Florence Copper on ramp-up consistency, not the first pour. If Gibraltar stabilises, Taseko can enter 2026 with stronger production cadence.

Cyprium to restart Cu operations at W Australia Nifty site with 6,000 t/yr cathode plan

Cyprium Metals

Cyprium to restart Cu operations at W Australia Nifty site as it prepares a phased return to copper cathode production. Cyprium Metals will restart operations at the Nifty complex near Port Hedland. Cyprium to restart Cu operations at W Australia Nifty site with a target of 6,000 tonnes per year of copper cathode. Therefore, the project is positioning for deliveries that begin next year.

The restart plan begins with cathode operations and then moves toward open-pit reactivation. The company expects operations to resume in mid-2026. Meanwhile, it plans to releach existing heap leach pads to recover additional copper volumes. As a result, near-term output can rely on existing infrastructure before new mining ramps.

Glencore offtake secures 100% cathode output and start-up materials

Glencore signed an offtake agreement last year for Nifty copper cathode. Glencore will buy 100% of cathode output and also take off-spec material during start-up. Meanwhile, Glencore will provide technical assistance during the restart of Nifty’s two processing plants. Therefore, the offtake reduces sales risk and tightens operational support.

This structure also signals how traders are shaping copper supply chains. It links restart execution to assured market access and technical guidance. However, ramp success will still depend on metallurgy, uptime, and stable leach performance. As a result, the first quarters of production will set credibility for longer-term expansion.

Approvals advance first phase, but sulphide plans need a new operating pathway

Cyprium has received several environmental and regulatory approvals for the first phase. These approvals allow the cathode restart to proceed. Meanwhile, the company said it must submit a new mine operating plan for sulphide ore recovery and processing. Therefore, the longer-term strategy requires a distinct permitting and planning track.

The phased approach can reduce upfront capital exposure. It can also generate cash flow while the company prepares sulphide development. However, sulphide processing often adds complexity and requires tighter compliance and engineering. As a result, Cyprium to restart Cu operations at W Australia Nifty site as a near-term cathode story, while sulphides remain the next major milestone.

The Metalnomist Commentary

Restart projects can deliver fast copper units when infrastructure already exists. Meanwhile, offtake-backed ramp plans can still fail without stable leach kinetics and plant reliability. Therefore, Nifty’s most important KPI will be consistent cathode quality and recovery in the first year.

Boliden 2026 mining outlook signals higher Zn and Cu grades across Europe

Boliden

Boliden 2026 mining outlook points to better ore grades and steady growth in key hubs. The company plans SKr15bn in 2026 capex, down SKr500mn from 2025. Meanwhile, Boliden 2026 mining outlook highlights higher throughput and improving zinc and copper grades.

Boliden expects stronger grade performance at several mines in Sweden, Finland, Ireland, and Portugal. As a result, European base metals supply could look more resilient in 2026. However, planned maintenance and delayed commissioning will still weigh on near-term output timing.

Higher grades support mine plans at Aitik, Garpenberg, Kevitsa, and Tara

Aitik should lift copper grades in the second half of 2026, pushing the full-year average to 0.18%. The site also targets 41mn tonnes milled, up from 40mn tonnes in 2025. Therefore, Boliden copper grades 2026 could improve even with only modest tonnage growth.

Garpenberg secured an expanded environmental permit, which supports 3.7mn tonnes of throughput in 2026. Zinc grades there should reach 2.9%, up on operational momentum. Meanwhile, Kevitsa should raise copper grades to 0.24% in 2026 while holding nickel grades at 0.17%.

Tara in Ireland should mill 1.8mn tonnes at 5.6% zinc in 2026, up from 1.6mn tonnes at 5.5% in 2025. The mine targets 2.2mn tonnes per year by 2028. As a result, Boliden zinc grades 2026 become a key metric for European concentrates balance.

Portfolio integration steadies volumes as smelter projects progress

Boliden expects stable long-run milling at Somincor in Portugal and Zinkgruvan in Sweden after buying the mines from Lundin Mining. Somincor guides 1.7% copper at 2.3mn tonnes milled and 6.7% zinc at 2.2mn tonnes milled. Zinkgruvan guides 2% copper on 300,000 tonnes milled and 7% zinc on 1.1mn tonnes milled.

The Odda expansion in Norway slipped by two months because of technical issues. First feed should now arrive in the first quarter rather than late December. Meanwhile, the new tankhouse ramp-up at Rönnskär in Sweden should progress in the second half of 2026, with 60% already complete.

Boliden budgets SKr450mn for 2026 maintenance, implying an operating profit hit of about SKr450mn. That loss estimate improves from SKr500mn expected for 2025. Therefore, the 2026 plan pairs better grades with tighter downtime control.

The Metalnomist Commentary

Boliden 2026 mining outlook reads like a grade-led earnings lever, not a volume-led one. However, delayed expansions and maintenance still shape shipment timing and treatment-charge exposure. Watch copper cathode ramp progress and zinc grade delivery against guidance.

China’s CMOC meets cobalt output guidance as DRC export curbs reshape supply

CMOC

China’s CMOC meets cobalt output guidance for 2025 after steady performance at its DRC assets. China’s CMOC meets cobalt output guidance with 117,549 tonnes of cobalt from Tenke Fungurume and Kisanfu. China’s CMOC meets cobalt output guidance despite DRC export restrictions that disrupted feedstock flows.

CMOC’s 2025 output rose slightly from 114,165 tonnes in 2024. The company kept its 2026 cobalt guidance at 100,000–120,000 tonnes, matching its 2025 range. Meanwhile, higher copper prices supported earnings because copper remains the main by-product.

Copper strength funds CMOC’s Kisanfu expansion

Copper prices stayed strong through 2025 and hit a new record in early January 2026. The rally reflected tight concentrate supply, rate cuts, and tariff risk expectations. Therefore, CMOC can finance growth while defending margins in a volatile cobalt market.

CMOC is investing $1.08bn in the Kisanfu Phase II project. The project targets an extra 100,000 tonnes per year of copper cathode output, with start-up expected in 2027. However, the company has not disclosed the cobalt capacity uplift, although the market expects a meaningful increase.

DRC export restrictions tighten the feedstock pipeline

DRC policy changes remain the core swing factor for cobalt availability. The government halted cobalt feedstock exports from 22 February to 15 October 2025, then shifted to a quota system for late 2025 and 2026–27. Meanwhile, procedural delays prevented any feedstock exports in the fourth quarter of 2025.

The government has now approved a limited number of hydroxide truck shipments. Those shipments have reached Lubumbashi, a key logistics hub. As a result, market participants expect the first new feedstock to reach China in April, after royalties are paid and cargoes clear onward transport.

The Metalnomist Commentary

CMOC’s results show how copper economics can cushion cobalt volatility inside integrated Cu-Co systems. However, DRC export controls introduce timing risk that can ripple into battery chemical supply chains. Producers that diversify refining routes and secure compliant logistics will gain resilience.

CMOC meets 2025 cobalt guidance as copper strength offsets DRC export curbs and quota delays.

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