• Arizona
  • Thursday , Feb 1 , 2018

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San Tan Valley Area Information

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Florence Copper Receives Aquifer Protection Permit

taseko

Taseko has announced that the Arizona Department of Environmental Quality ("ADEQ") granted its Florence Copper Project the Aquifer Protection Permit ("APP").

"This is a key milestone in the advancement of the Company's next operating asset," said Russell Hallbauer, Chief Executive Officer and Director of Taseko. "By issuing this permit, the ADEQ has endorsed the environmental integrity of our project and is confident that the commercial operation will meet all state environmental laws and regulations. The US Environmental Protection Agency ("EPA") continues to advance their permitting process and our expectation is that the Underground Injection Control Permit will be issued in early 2021. With construction anticipated to commence in 2021, the timing could not be better with copper being highlighted as the metal of the future as the world aggressively transitions to a green economy."

Florence Copper is expected to produce 85 million pounds of copper annually at $1.13 per pound over its 20-year mine life. Based on the latest Technical Report, and support by nearly two years of operation of the test facility, the project has an after-tax NPV (8%) of $680 million at a copper price of $3.00 per pound. At today's copper price, the NPV rises dramatically to $920 million, which is roughly three times Taseko's current market capitalization. "We have de-risked the project significantly since its acquisition in 2014 and believe we are on the cusp of having one of the best low-cost, fully-permitted and financed copper projects in the world" said Stuart McDonald, President of Taseko.

"This state-of-the-art copper production facility will have an environmental footprint smaller than any conventional open-pit or underground mining operation of its size, with water consumption 14 times lower, carbon emissions six times lower and energy consumption three times lower," said Hallbauer. "These attributes make Florence Copper an exceptionally green project which will supply the US domestic market and offset current copper imports."

The Florence Copper NI 43-101 technical report is available on www.sedar.com or the Company's website at www.tasekomines.com.
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