COPPER: Taseko granted permit for Florence test facility

ARIZONA – Taseko Mines of Vancouver now has the permit to proceed with the underground solution test plant at its Florence copper project 100 km southeast of Phoenix. The permit was issued following the decision of the Environmental Appeals Board and the U.S. Environmental Protection Agency to deny any further review of the original permit granted in 2016. [caption id="attachment_1003720179" align="alignleft" width="253"] The administration building at the Florence copper project site. (Credit: Taseko Mines)[/caption] The Taseko board immediately approved spending US$25 million for the production test facility. Total cost of the project is US$50 million. The company issued the highlights of the updated feasibility study earlier this year. The pre-tax net present value is US$920 (7.5% discount), and the pre-tax internal rate of return is 44% with a 2.3-year payback. Average annual production will be 81 million lb. of copper over a 21-year operational life. Operating costs are pegged at US$1.10 per lb. of copper cathode. A pre-production capital cost of US$200 million is anticipated. The 43-191 technical report detailing the project is posted at www.TasekoMines.com.