Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
Taseko Mines, Ltd. (AMEX: TGB) shares are trading higher after the U.S. Environment Protection Agency issued a final Underground Injection Control Permit for the Florence Copper Project.
The project has an after-tax NPV (8%) of $930 million at a copper price of $3.75 per pound.
The NPV is based on a March 2023 Technical Report for the project, supported by results from the successful operation of a production test facility.
When commercial operations begin, it can produce 85 million pounds of copper yearly for over a 22-year mine life, costing $1.11 per pound.
"We now have one of a very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, we can commence construction of the Florence Copper commercial production facility. This achievement is a major stride forward and a result of Taseko's long-term approach to project development, environmental protection, and community engagement," said Stuart McDonald, President and CEO of Taseko.
Price Action: TGB shares are trading higher by 16.9% to $1.52 on the last check Thursday.
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