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Construction|Copper|Mining|PROJECT|Operations
construction|copper|mining|project|operations

Taseko getting its Florence ducks in a row

20th June 2019

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Vancouver-headquartered Taseko Mines has the three key initiatives – technical, permitting and financing – all aligned for its Florence copper project, in the US state of Arizona, to be construction-ready in the first half of next year, president Stuart McDonald reported on Thursday.

On the permitting front, the dual-listed miner submitted the first of two permit amendment applications that are required for commercial production, with the second to follow in the “coming weeks”.

On the technical side, the Florence project achieved commercial-grade leach solution in only six months since starting up the test facility. This is well in advance of the one-year-plus that the company had thought it would take to reach target solution grade.

“The grade of the leach solution coming from our main recovery well is approximately 1 600 parts per million of copper in solution and would be comparable to a typical openpit, low-cost heap-leach operation. The main difference between Florence copper and other leach operations is that we have no mining costs associated with our in situ leach process, making Florence copper when in commercial operation, one of the lowest cost operations globally,” commented CEO Russell Hallbauer.

The project will have cash costs of $1.10/lb of copper and boast a net present value of C$1-billion.

On the financing side, multiple options for financing the commercial production facility were being pursued. The company aimed to have a plan formalised in the “coming months”, noted McDonald.

“Florence copper will transform Taseko into a multi-asset, low-cost copper producer in stable jurisdictions. We will continue to de-risk and steadily move the project towards production in 2021,” said McDonald.

Florence will produce an average of 85-million pounds a year of copper, increasing Taseko’s attributable yearly copper output to about 190-million pounds a year.

Edited by Creamer Media Reporter

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