Mitsui & Co - Tokyo-based conglomerate - Subsidiary Mitsui USA enters into agreements with Florence Copper LLC for copper cathode offtake and an equity conversion right. Says Florence plans to produce low-carbon copper cathode in Arizona, and Mitsui will pay USD50 million to cover part of the development costs. Says Florence plans to produce copper using the in-situ recovery for extracting the metal from underground deposits. This method will "enable mining operation with carbon emissions approximately 80% lower compared with conventional copper mining, and also a low environmental burden, since no shovels, trucks, or other heavy machinery are used to extract copper". Expects construction to take 18 months, and then production will start.
Florence is a subsidiary of Taseko Mines Ltd, a mid-tier copper producer in Canada, which is listed in Toronto, New York and London.
ISR is a method in which diluted acidic solution is injected into the ground to dissolve copper minerals in situ. The resulting solution is then pumped up to the surface.
Current Mitsui stock price: JPY3,907.00
12-month change: up 47%
Current Taseko stock price in London: 125.00 pence, up 16% on Tuesday
12-month change: down 13%
By Xindi Wei, Alliance News reporter
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Taseko Mines L. (TKO)