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Florence Copper aquifer protection permit not appealed by town council

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Global Mining Review,

Taseko Mines Ltd has announced that the Florence Town Council has decided it will not appeal the aquifer protection permit (APP) which was recently granted by the Arizona Department of Environmental Quality (ADEQ).

Stuart McDonald, President of Taseko, commented: “We are very pleased by this decision and believe this change in approach by council signals a new beginning. Our expectation is that open and productive dialogue will result and that our future together is bright.”

“We believe that 2 years of operating the test facility within the strict environmental guidelines set out in our current permits, combined with the future economic benefits from the commercial production facility, certainly contributed to council’s decision. Transitioning Florence Copper to commercial production, which includes expanding the current wellfield and SX/EW plant, will mean an average of 85 million lbs of copper per year for 20 years beginning in late 2022,” concluded McDonald.

Project highlights

  • Pre-tax net present value of US$920 million at a 7.5% discount rate.
  • After-tax net present value of US$680 million at a 7.5% discount rate IRR of 40% and a 2.3 year payback.
  • 20 year mine life with average C1 cash costs of US$1.13/lb.
  • At US$5600/t of installed capacity, Florence Copper is one of the lowest capital intensity copper projects in the world.
  • Reserves of 345 million t grading 0.36% copper containing 2.5 billion lbs of copper.

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