Taseko Received Final Permit for Florence Copper Project

SEATTLE (Scrap Monster): B.C., Canada-based mid-tier copper producer Taseko Mines Limited announced that it has secured the final permit for its greenfield Florence copper project located south of Phoenix, Arizona. The final underground injection control (UIC) permit was issued by the U.S. Environmental Protection Agency (EPA) further to confirmation that there were no appeals pending.

According to the company, the project will have the lowest greenhouse gas intensity than any other U.S. producer. The energy and water efficient project, when fully operational, will have an annual capacity of 85 million lb of LME Grade A Copper per annum throughout the mine life of approximately 22 years.

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The company has entered into a 2.7% streaming agreement with Mitsui, which has already paid Taseko a sum of $50 million towards construction of the commercial production facility. The contract with Mitsui allows it an offtake of 81% of the copper cathode produced during the initial years of operation. The agreement also provides an opportunity for Mitsui to grab 10% equity interest in Florence copper project with an additional investment of $50 million, the press release said.

Located in the historic Copper Corridor of Arizona, the project is expected to provide strong economic benefits to the community of Florence and the State of Arizona.