Taseko Mines Limited Continues Steady Progress on Florence Copper Project Aiming for End of Year Production

Vancouver-based mining firm, Taseko Mines Limited, cast light on a progressive update from its 100%-owned Florence Copper project in Arizona. According to the company, the construction progress is advancing well and it remains optimistic about meeting its target of starting copper production by the year-end, with project completion by March estimated at a favourable 78%. First-quarter work summary included drilling and construction of 29 production wells, assembly of office and dry buildings, with installation of electrowinning overhead crane slotted for April. A recent permit that allows the company to redistribute surplus process water from operations instead of drawing from other sources, will also contribute to the local agricultural activities on 25% of the project property. Taseko president and CEO, Stuart McDonald, shared that the project had been functioning within the predefined timeline and financial lines. He said, ‘Wellfield drilling activity is now ramping down and will be completed on schedule in May, and we are steadily advancing towards first copper production later this year. Construction expenditures have been in line with expectations and our previous capital cost guidance remains unchanged.’ He declared the project to be in great shape and that Florence Copper would soon be a significant new supplier of copper cathode for the US market. This would also position the project to generate and sell refined copper within the states and potentially yield from premium COMEX copper pricing within the foreseeable future. Despite market volatility, Mr. McDonald believes the long-term fundamentals for copper remain strong, with hedging strategies in place ensuring a minimum copper sales price of US$4.00 per pound for most of Gibraltar’s production for the remaining part of the year.