Photo by: Taseko Mines
Name of the Project
Florence Copper in situ copper recovery (ISCR) facility.
Location
Arizona, in the US.
Project Owner/s
Florence Copper Incorporated, a wholly owned subsidiary of Taseko Mines.
Project Description
The Florence deposit contains 2.5-billion pounds of copper in 345-million tons of probable reserves.
The project proposes to build and operate the Florence Copper ISCR facility, and produce 85-million pounds a year of copper over the 22-year life-of-mine (LoM). Total LoM production is estimated at 1.5-million pounds of copper.
ISCR is an extraction method used for selected mineral deposit conditions as an alternative to openpit or underground mining methods.
ISCR extracts copper by injecting a weak sulphuric acid solution, referred to as raffinate, through targeted portions of the mineral deposit using an array of injection wells. The raffinate passes through natural fractures and voids in the deposit and dissolves the copper mineralisation.
The copper laden solution, known as pregnant leach solution (PLS), is collected in recovery wells where it is pumped to the surface for processing. Copper is extracted from the PLS using solvent extraction and electrowinning (SX/EW) techniques producing a saleable copper cathode product.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 8% discount rate, of $930-million and an internal rate of return of 47%, with a payback of 2.6 years.
Capital Expenditure
The project has an initial capital expenditure of $232-million.
Planned Start /End Date
Commercial production is expected to start in 2025.
Latest Developments
Taseko will accelerate construction activities at the Florence project, as the company has concluded more financing for the mine.
The company has signed a definitive agreement with Taurus Mining Royalty for a $50-million royalty. The proceeds are expected to be received in early February.
The company also expects to draw down the first $10-million of the $50-million Mitsui financing later this month.
To date, site activities have focused on site preparations, earthworks and civil work for the commercial wellfield. The initial drilling contracts are being finalised, with drilling of the commercial facility wellfield to start in February.
Further, Taseko expects to sign a fixed-price contract with TIC Kiewit as general contractor for construction of the SX/EW plant and associated surface infrastructure. All the major plant components are on site and the build will begin in the second quarter of this year.
Taseko says that its early work on detailed engineering and procurement of long-lead items has significantly derisked the construction schedule and that it is tracking towards first copper production in the fourth quarter of 2025.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Taseko Mines, tel +1 778 373 4533 or email investor@tasekomines.com.