Taseko Mines Ltd - North America-focused mining company - Says proceeds from project-level financings will in due course be available to its Florence Copper project in Arizona. Taurus Mining Royalty Fund LP has obtained investment committee approval for a USD50 million royalty, for 1.95% of gross revenue from all copper sales. Meanwhile Societe Generale SA has credit approval to provide Taseko with a USD50 million secured debt facility, which also contains a USD25 million uncommitted accordion feature, should Taseko need to increase it. News follows previously announced commitments from Mitsui & Co Ltd and Bank of America Corp.
Chief Executive Officer Stuart McDonald says: "A total of USD175 million from these four well-regarded industry participants is a strong endorsement of Florence Copper's technical merits, attractive economics, and favourable environmental attributes...With the permitting process complete and these new financings expected to close in the coming months, we can now begin construction of the commercial facility at Florence."
Current stock price: 105.00 pence, up 11% on Monday
12-month change: down 4.6%
By Emma Curzon, Alliance News reporter
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Taseko Mines L. (TKO)