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Florence Town Council drops appeal against Taseko Mines project

Kitco News

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(Kitco News) - Taseko Mines Limited (TKO:LSE) announce that the Florence Town Council has decided it will not appeal the Aquifer Protection Permit which was recently granted by the Arizona Department of Environmental Quality.

Stuart McDonald, President of Taseko, commented, "We are very pleased by this decision and believe this change in approach by Council signals a new beginning. Our expectation is that open and productive dialogue will result and that our future together is bright.".

He added "We believe that two years of operating the test facility within the strict environmental guidelines set out in our current permits, combined with the future economic benefits from the commercial production facility, certainly contributed to Council's decision. Transitioning Florence Copper to commercial production, which includes expanding the current wellfield and SX/EW plant, will mean an average of 85 million pounds of copper per year for 20 years beginning in late 2022,".

The mine is said to have a 20 year life with average C1 cash costs of US$1.13 per pound. The report states that at US$5,600 per ton of installed capacity, Florence Copper is one of the lowest capital intensity copper projects in the world.

The share price in the Toronto Stock Exchange has been hanging at the top of the resistance level near 1.76. Since breaking out of the descending wedge type pattern there has been a decent 36% move to the upside. Now if the resistance breaks the next major high is at 3.00 which would represent the highest price level since 2018 and a 67% target.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.