TORONTO (miningweekly.com) – TSX-listed Taseko Mines last week received a temporary aquifer permit for the company’s Florence Copper in situ project, in Arizona.
Vancouver-based Taseko commented on Thursday that the decision by Arizona’s Department of Environmental Quality (ADEQ) to move the permit amendment forward into a 30-day public comment period marked an important milestone for the company.
According to Taseko, the decision confirmed that the ADEQ had completed its thorough review and was satisfied with the conditions under which the production test facility (PTF) could operate once the final permit was issued.
“With this permit the company will have received 20 of the 21 authorisations required to operate the PTF. When the one remaining permit is issued, the company intends to move ahead with the construction and operation of the $25-million PTF,” stated president and CEO Russell Hallbauer in a press release.
Since acquiring the Florence project less than two years ago, Taseko’s management team in Arizona had worked closely with state and federal agencies to advance the project. Taseko expected Florence to be a long-term producer of high-quality copper cathode when in full production.
LAWSUIT
Meanwhile, Taseko had earlier in the week commented on a lawsuit by activist shareholder Raging River Capital (RRC), and another shareholder, filed against Taseko and certain of its insiders, in British Columbia Supreme Court on April 8.
According to Taseko, the lawsuit claimed oppression of the plaintiffs related to Taseko’s 2014 acquisition of Curis Resources. The petition sought a derivative right to sue in the name of Taseko and to prevent an unspecified number of Taseko shares from being voted at the May 10 special meeting.
The petition was expected to be heard on May 3.
“After reviewing the lawsuit with legal counsel, Taseko is of the view that RRC’s claims are wholly without merit and that the lawsuit was filed only as another proxy contest tactic by RRC. Taseko’s Florence copper project is a valuable asset. The 2014 acquisition of Curis Resources and its Florence project followed not only all legal and regulatory requirements but [also] corporate governance best practices. Taseko and the insiders will vigorously defend themselves against the lawsuit,” Taseko stated.