Taseko moves ahead with Florence project
Dual-listed Taseko Mines is moving forward with final design engineering of the commercial production facility at its Florence copper project, in Arizona, announcing this week that it has secured the majority of the funding needed for the project.
Taseko has completed an offering of $400-million of 7.0% senior secured notes due 2026. A portion of the proceeds will be used to redeem the outstanding $250-million 8.75% senior secured notes due 2022 and the remaining proceeds, net of transaction costs and accrued interest, of $131-million, will be used for the project.
The bond refinancing and upsize has significantly strengthened Taseko’s financial position and lowered its cost of capital. The company says it has a cash balance of about $200-million and no significant debt maturities until 2026.
“With the majority of the required funding for our Florence copper project now in hand, we are moving forward with final design engineering of the commercial production facility as well as procurement of certain critical components,” says president Stuart McDonald.
The capital requirements for the commercial production facility are estimated at $230-million.
“We continue to advance discussions with potential joint venture partners, but with our strong cash balance and improved Gibraltar cash flows from copper prices that are currently over $3.70 per pound, we have numerous options available to obtain the remaining funding.”
When fully ramped up, Florence will produce 40 000 t/y of high-quality cathode copper.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation