Taseko granted key state permit for Florence project
The Arizona Department of Environmental Quality has granted the Florence copper project an aquifer protection permit (APP), marking a key milestone in the advancement of Taseko’s next operating asset.
“With construction anticipated to commence in 2021, the timing could not be better with copper being highlighted as the metal of the future as the world aggressively transitions to a green economy,” commented CEO Russell Hallbauer on Wednesday.
When in production, Florence would produce 85-million pounds a year of copper at $1.13/lb at C1 cash costs over its 20-year mine life.
The project has an after-tax net present value (NPV), at an 8% discount, of $680-million at a copper price of $3/lb. At current copper prices, the NPV rises dramatically to $920-million, which is roughly three times Taseko’s current market capitalisation.
“We have de-risked the project significantly since its acquisition in 2014 and believe we are on the cusp of having one of the best low-cost, fully-permitted and financed copper projects in the world," said Taseko president Stuart McDonald.
He pointed out that the copper production facility would have an environmental footprint smaller than any conventional openpit or underground mining operation of its size, with water consumption 14 times lower, carbon emissions six times lower and energy consumption three times lower.
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