Previous owners spent US $135 million at Florence
Taseko Mines has secured two additional financing deals together worth US$100 million for its Florence copper mine under construction in Arizona.
Tarus Mining Royalty Fund will contribute US$50 million toward a royalty. It will consist of 1.95% of the gross revenue from the sale of all copper from Florence for the life of mine. Société Générale will provide a US$50 million senior secured debt facility. It will run for five years from the date of closing, with no scheduled principal repayments until the maturity date when any outstanding amounts will be repayable. The facility will have a first lien charge over the Florence assets and an unsecured guarantee from Taseko until completion.
, and Taseko has spent a further US$165 million since 2014. All major power, transportation, road, and rail infrastructure are in place. The project is built with in situ recovery rather than conventional open pit or underground methods. First copper will be produced late next year or in early 2025.
The 43-101 report of March 2023 detailed a 22-year mine life with an annual production capacity of 85 million lb. of copper. When the report was written, there remained US$232 million remaining to be spent to reach commercial production. Life of mine operating costs will be US$0.11 per lb. of copper produced.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vancouver's Taseko Mines raises US$100M for Florence copper projectPrevious owners spent US $135 million at Florence
Read more »
Taseko secures approvals for $100M in additional funding for Florence CopperA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Newmont Prepares to Sell Mines as Newcrest Acquisition ClosesNewmont Corp., the world’s top gold producer, will forge ahead on a plan to find $2 billion in cash including through mine sales and project divestments after closing the largest takeover in the mining industry this year.
Read more »
Home for the holidays: New affordable housing complex set to open in Sydney MinesExplore stories from Atlantic Canada.
Read more »
Home for the holidays: New affordable housing complex set to open in Sydney MinesExplore stories from Atlantic Canada.
Read more »
Vancouver police search for high-risk sex offender Randall Hopley, wanted Canada-wideRandall Hopley was sentenced in 2013 for abducting a three-year-old from his home two years prior. Vancouver police say he failed to return to his halfway house on Saturday.
Read more »