This just hit the wire. This bodes very well for our full permit expectations on commercial production of Q2 2017
Taseko receives final permit for Florence test plant
2016-12-21 13:00 ET - News Release
Mr. Russell Hallbauer reports
TASEKO RECEIVES FINAL PERMIT FOR FLORENCE COPPER TEST FACILITY
The U.S. Environmental Protection Agency (EPA) has issued the final required permit, the underground injection control (UIC) permit, to construct and operate the phase 1 test facility at Taseko Mines Ltd.'s Florence copper project in Florence, Arizona.
The comprehensive Phase 1 Test Facility will serve to optimize the copper recovery process and demonstrate its environmental integrity and reliability.
The project has now successfully met all of its regulatory obligations at both the state and federal levels. Including the UIC permit, and the Aquifer Protection permit which was issued by the Arizona Department of Environmental Quality in August, the project has received 19 permits and authorizations. The UIC permit will become effective on January 30, 2017. For further details, the Notice of Final Permit Decision can be found on the EPA website.
"Securing the UIC permit is a significant milestone which further validates the technical and environmental work performed by our engineering and project development teams in Florence," said Russell Hallbauer, President and CEO of Taseko Mines Limited. "The issuance of this permit by the EPA confirms that our proposal meets the highest environmental standards required under federal law."
"Permitting any industrial project is a lengthy and challenging process, which is why the receipt of the UIC permit is a major milestone achieved by the Company. There is a possibility that opposing parties will attempt to appeal the UIC permit, similar to the challenge made to the previously granted Aquifer Protection permit, but we expect that the regulatory authorities will successfully defend their thorough process," concluded Mr. Hallbauer.
The Florence Copper Project strengthens and diversifies Taseko's copper production capabilities.
More about the project
The deposit contains 2.4 billion pounds of copper in 340 million tons of probable reserves* (at a grade of 0.358% copper) and represents a pre-tax net present value (7.5% discount rate) of US$725 million with an internal rate of return of 36% using a long-term copper price of US$2.75 per pound. Once commercial production is reached, the project will produce an average of 75 million pounds annually for over 20 years.
The in-situ copper recovery (ISCR) project offers attractive direct operating costs of just US$0.80/lb and allows the copper to be recovered using a water-based solution without disturbing the land and with minimal environmental impact.
The Phase 1 Production Test Facility at Florence Copper is a pilot-scale demonstration of commercial ISCR operations. It incorporates the drilling of 24 wells, the injection and recovery of ISCR solution, the manufacture of LME Grade A copper cathode, and the observation and monitoring of groundwater quality and other environmental conditions.
The extraction process occurs deep in the bedrock and involves a combination of straight-forward physics and basic chemistry to dissolve and then pump copper-rich solution to the surface. Once at the surface, the solution is converted into sheets of pure copper.
*Based on the April 2013 NI 43-101 Technical Report Pre-Feasibility Study (available on the Company's SEDAR profile at www.sedar.com). Please see the press release dated March 26, 2013 of Curis Resources Ltd. ("Curis"), the Company's wholly-owned subsidiary, for further details regarding the report available on Curis' SEDAR profile at www.sedar.com.
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