VANCOUVER, BC, Dec. 8, 2020 /CNW/ - Taseko Mines Limited
(TSX: TKO) (NYSE American: TGB) (LSE: TKO) ("Taseko" or the
"Company") is pleased to announce that the Arizona Department of
Environmental Quality ("ADEQ") has granted its Florence Copper
Project the Aquifer Protection Permit ("APP").
Russell Hallbauer, Chief
Executive Officer and Director of Taseko, commented, "This is a key
milestone in the advancement of the Company's next operating asset.
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."
Stuart McDonald, President of
Taseko, continued, "When in production, Florence Copper will produce 85 million pounds
of copper annually at US$1.13 per
pound C1 cash costs over its 20-year mine life. Based on our latest
Technical Report, and supported by nearly two years of successful
operation of the test facility, the project has an after-tax NPV
(8%) of US$680 million at a copper
price of US$3.00 per pound. At
today's copper price, the NPV rises dramatically to US$920 million, which is roughly three times our
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."
"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. These attributes make Florence Copper an exceptionally green project
which will supply the US domestic market and offset current copper
imports," concluded Mr. Hallbauer.
The Florence Copper NI 43-101 technical report is available on
www.sedar.com or the Company's website at www.tasekomines.com.
Russell Hallbauer
Chief Executive Officer and Director
No regulatory authority has approved or disapproved of the
information contained in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" that were
based on Taseko's expectations, estimates and projections as of the
dates as of which those statements were made. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "outlook", "anticipate",
"project", "target", "believe", "estimate", "expect", "intend",
"should" and similar expressions.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking statements. These included but are not limited
to:
- uncertainties about the effect of COVID-19 and the response of
local, provincial, federal and international governments to the
threat of COVID-19 on our operations (including our suppliers,
customers, supply chain, employees and contractors) and economic
conditions generally and in particular with respect to the demand
for copper and other metals we produce;
- uncertainties and costs related to the Company's exploration
and development activities, such as those associated with
continuity of mineralization or determining whether mineral
resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of
mineral reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project;
- uncertainties related to the ability to obtain necessary
licenses permits for development projects and project delays due to
third party opposition;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development
activities and mining operations, particularly laws, regulations
and policies;
- changes in general economic conditions, the financial markets
and in the demand and market price for copper, gold and other
minerals and commodities, such as diesel fuel, steel, concrete,
electricity and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the
value of the U.S. dollar and Canadian dollar, and the continued
availability of capital and financing;
- the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain
insurance to cover mining risks;
- the risk of loss of key employees; the risk of changes in
accounting policies and methods we use to report our financial
condition, including uncertainties associated with critical
accounting assumptions and estimates;
- environmental issues and liabilities associated with mining
including processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or
other events or occurrences, including third party interference
that interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the
Company's annual Form 40-F filing with the United States Securities
and Exchange Commission www.sec.gov and home jurisdiction filings
that are available at www.sedar.com, including the "Risk Factors"
included in our Annual Information Form.
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SOURCE Taseko Mines Limited