Taseko secures final permit for Florence copper project in Arizona

Taseko Mines (TSX:TKO; NYSE: TGB) says it has received the final permit for its greenfield, in situ recovery (ISR) Florence copper project south of Phoenix, Arizona. The US Environmental Protection Agency confirmed there have been no appeals to issuing the final underground injection control (UIC) permit.

“Successful completion of the UIC permitting process is a result of Taseko’s long-term development approach, and the quality and environmental integrity of the project,” CEO Stuart McDonald said in a news release.

“Taseko is now in a unique position, with one of the very few fully permitted mining projects in North America. With the final permit in hand, we have a clear line of vision to commercial production and are that much closer to realizing the full value of Florence copper,” he said.

The company said the project will be energy and water efficient and have the lowest greenhouse gas intensity per pound of any US producer thanks to ISR. When fully operational, it will have an annual capacity of 85 million lb. of LME Grade A copper annually and a mine life of 22 years.

Taseko granted a 2.7% streaming agreement to Mitsui, who paid $50 million towards construction of the commercial production facility. Mitsui has also signed an offtake contract for 81% of the copper cathode produced during the early years of operation.

Mitsui also holds an option to invest another $50 million for a 10% equity interest in Florence.

Florence has total proven and probable reserves of 290.2 million tonnes grading 0.36% copper. The reserves are contained within the measured and indicated resources of 329.2 million tonnes grading 0.35% copper. An inferred resource of 38.1 million tonnes at 0.32% copper has also been outlined.