The Arizona Court of Appeals has confirmed all aspects of the Superior Court of Arizona’s 2019 decision in favor of Taseko Mines’ (TSX: TKO; NYSE: TGB) Florence copper project, rejecting arguments made by the Town of Florence.
The appeals court upheld Taseko’s right to mine its property within the town and confirmed the awarding of $1.7 million in legal fees and costs to Florence Copper.
“We are certainly happy with the appellate court decision, which draws to a close all outstanding litigation brought by the Town,” Taseko president Stuart McDonald said in a news release.
“While it is the outcome we expected, the closure this decision brings is important for not only for the company, but for all those who benefit from the social and economic contribution we are making to the region.”
One of the two key permits necessary for commercial operations has been granted by the Arizona Department of Environmental Quality, and the federal Environmental Protection Agency is taking the final steps required to issue the second key operating permit.
According to Taseko, Florence is one of the least capital-intensive copper production facilities in the world and when fully ramped up will produce 40,000 tonnes of high-quality cathode copper annually for the US domestic market.
Midday Wednesday, Taseko’s stock was up nearly 6% on the TSE. The company has a C$605 million market capitalization.