(Alliance News) - Vancouver-based copper producer Taseko Mines Ltd on Wednesday noted that the Florence Town Council will not appeal the Aquifer Protection Permit granted by the Arizona Department of Environmental Quality.
The permit had first been granted for the Florence copper project in December. The project has a pretax net present value of USD920 million at a 7.5% discount rate, a 20-year mine life and reserves of 345 million tonnes containing 2.5 billion pounds of copper at a grade of 0.36%.
"We believe that two 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," said President Stuart McDonald.
"Transitioning Florence Copper to commercial production, which includes expanding the current wellfield and SX/EW plant, will mean an average of 85 million pounds of copper per year for 20 years beginning in late 2022," McDonald added.
Shares in Taseko Mines were up 8.1% at 100.00 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Taseko Mines L. (TKO)