TKO Taseko Mines Limited

 
TIDMTKO 
 
Taseko Provides Financing and Construction Update for the Florence Copper 
Project 
 
VANCOUVER, BC, Jan. 16, 2024 - Taseko Mines Limited (TSX: TKO) (NYSE American: 
TGB) (LSE: TKO) ("Taseko" or the "Company") is pleased to provide an update on 
financing and construction progress at its Florence Copper project. 
 
On January 15, 2024, the Company signed a definitive agreement with Taurus 
Mining Royalty Fund L.P. ("Taurus") for the previously announced sale of a US$50 
million royalty. The royalty will be for 1.95% of the gross revenue from the 
sale of all copper from Florence Copper. Funding of the US$50 million is subject 
to customary closing conditions, and proceeds are expected to be received in 
early February. The Company also expects to drawdown the first US$10 million of 
the US$50 million Mitsui financing later this month. With these financings in 
hand, construction activities at Florence will be accelerating. 
 
To date, site activities have focussed on site preparations, earthworks and 
civil work for the commercial wellfield. The initial drilling contracts are now 
being finalized, with drilling of the commercial facility wellfield to commence 
in February. Additionally, the Company expects to sign a fixed-price contract 
with TIC Kiewit as general contractor for construction of the SX/EW plant and 
associated surface infrastructure. All the major plant components are onsite and 
the build will begin in the second quarter of this year. 
 
Stuart McDonald, President & CEO of Taseko, commented, "Signing of the Taurus 
royalty agreement is another positive milestone for the project. We are excited 
to be ramping up construction activities at Florence Copper, which will soon be 
a major new supplier of low-carbon copper cathode to the US market. 
 
Site preparations and civil work are well advanced, and we're looking forward to 
commencing wellfield drilling, with four rigs planned to be onsite initially. 
Construction of the SX/EW plant and other infrastructure represents a 
significant portion of the remaining project spend, and a fixed-price contract 
with TIC Kiewit will reduce inflationary risks, as Arizona continues to be a 
very active construction market. Our early work on detailed engineering and 
procurement of long-lead items has significantly de-risked the construction 
schedule and we're tracking towards first copper production in the fourth 
quarter of 2025. We're taking a disciplined approach to the buildout of the 
commercial facility at Florence, while our existing operations at the Gibraltar 
Mine continue to generate good cashflows in a strong copper price environment." 
 
"As an existing copper producer, Taseko is in an enviable and unique position 
with near-term, low cost production growth coming from a fully-permitted and 
environmentally beneficial copper project. With copper now added to the US 
Department of Energy's critical materials list, market interest in our project 
and future copper production remains strong," added Mr. McDonald. 
 
Stuart McDonald 
 
President and CEO 
 
No regulatory authority has approved or disapproved of the information contained 
in this news release. 
 
Caution Regarding Forward-Looking Information 
 
This document contains "forward-looking statements" that were based on Taseko's 
expectations, estimates and projections as of the dates as of which those 
statements were made. Generally, these forward-looking statements can be 
identified by the use of forward-looking terminology such as "outlook", 
"anticipate", "project", "target", "believe", "estimate", "expect", "intend", 
"should" and similar expressions. 
 
Forward-looking statements are subject to known and unknown risks, uncertainties 
and other factors that may cause the Company's actual results, level of 
activity, performance or achievements to be materially different from those 
expressed or implied by such forward-looking statements. These included but are 
not limited to: 
 
  · uncertainties about the future market price of copper and the other metals 
that we produce or may seek to produce; 
  · changes in general economic conditions, the financial markets, inflation and 
interest rates and in the demand and market price for our input costs, such as 
diesel fuel, reagents, steel, concrete, electricity and other forms of energy, 
mining equipment, and fluctuations in exchange rates, particularly with respect 
to the value of the U.S. dollar and Canadian dollar, and the continued 
availability of capital and financing; 
  · uncertainties resulting from the war in Ukraine, and the accompanying 
international response including economic sanctions levied against Russia, which 
has disrupted the global economy, created increased volatility in commodity 
markets (including oil and gas prices), and disrupted international trade and 
financial markets, all of which have an ongoing and uncertain effect on global 
economics, supply chains, availability of materials and equipment and execution 
timelines for project development; 
  · uncertainties about the continuing impact of the novel coronavirus ("COVID 
-19") and the response of local, provincial, state, federal and international 
governments to the ongoing threat of COVID-19, on our operations (including our 
suppliers, customers, supply chains, employees and contractors) and economic 
conditions generally including rising inflation levels and in particular with 
respect to the demand for copper and other metals we produce; 
  · inherent risks associated with mining operations, including our current 
mining operations at Gibraltar, and their potential impact on our ability to 
achieve our production estimates; 
  · uncertainties as to our ability to control our operating costs, including 
inflationary cost pressures at Gibraltar without impacting our planned copper 
production; 
  · the risk of inadequate insurance or inability to obtain insurance to cover 
material mining or operational risks; 
  · uncertainties related to the feasibility study for Florence copper project 
(the "Florence Copper Project" or "Florence Copper") that provides estimates of 
expected or anticipated capital and operating costs, expenditures and economic 
returns from this mining project, including the impact of inflation on the 
estimated costs related to the construction of the Florence Copper Project and 
our other development projects; 
  · the risk that the results from our operations of the Florence Copper 
production test facility ("PTF") and ongoing engineering work including updated 
capital and operating costs will negatively impact our estimates for current 
projected economics for commercial operations at Florence Copper; 
  · uncertainties related to the accuracy of our estimates of Mineral Reserves 
(as defined below), Mineral Resources (as defined below), production rates and 
timing of production, future production and future cash and total costs of 
production and milling; 
  · the risk that we may not be able to expand or replace reserves as our 
existing mineral reserves are mined; 
  · the availability of, and uncertainties relating to the development of, 
additional financing and infrastructure necessary for the advancement of our 
development projects, including with respect to our ability to obtain any 
remaining construction financing potentially needed to move forward with 
commercial operations at Florence Copper; 
  · our ability to comply with the extensive governmental regulation to which 
our business is subject; 
  · uncertainties related to our ability to obtain necessary title, licenses and 
permits for our development projects and project delays due to third party 
opposition; 
  · our ability to deploy strategic capital and award key contracts to assist 
with protecting the Florence Copper project execution plan, mitigating inflation 
risk and the potential impact of supply chain disruptions on our construction 
schedule and ensuring a smooth transition into construction; 
  · uncertainties related to First Nations claims and consultation issues; 
  · our reliance on rail transportation and port terminals for shipping our 
copper concentrate production from Gibraltar; 
  · uncertainties related to unexpected judicial or regulatory proceedings; 
  · changes in, and the effects of, the laws, regulations and government 
policies affecting our exploration and development activities and mining 
operations and mine closure and bonding requirements; 
  · our dependence solely on our 87.5% interest in Gibraltar (as defined below) 
for revenues and operating cashflows; 
  · our ability to collect payments from customers, extend existing concentrate 
off-take agreements or enter into new agreements; 
  · environmental issues and liabilities associated with mining including 
processing and stock piling ore; 
  · labour strikes, work stoppages, or other interruptions to, or difficulties 
in, the employment of labour in markets in which we operate our mine, industrial 
accidents, equipment failure or other events or occurrences, including third 
party interference that interrupt the production of minerals in our mine; 
  · environmental hazards and risks associated with climate change, including 
the potential for damage to infrastructure and stoppages of operations due to 
forest fires, flooding, drought, or other natural events in the vicinity of our 
operations; 
  · litigation risks and the inherent uncertainty of litigation, including 
litigation to which Florence Copper could be subject to; 
  · our actual costs of reclamation and mine closure may exceed our current 
estimates of these liabilities; 
  · our ability to meet the financial reclamation security requirements for the 
Gibraltar mine and Florence Project; 
  · the capital intensive nature of our business both to sustain current mining 
operations and to develop any new projects, including Florence Copper; 
  · our reliance upon key management and operating personnel; 

  · the competitive environment in which we operate; 
  · the effects of forward selling instruments to protect against fluctuations 
in copper prices, foreign exchange, interest rates or input costs such as fuel; 
  · the risk of changes in accounting policies and methods we use to report our 
financial condition, including uncertainties associated with critical accounting 
assumptions and estimates; and Management Discussion and Analysis ("MD&A"), 
quarterly reports and material change reports filed with and furnished to 
securities regulators, and those risks which are discussed under the heading 
"Risk Factors". 
 
For further information on Taseko, investors should review the Company's annual 
Form 40-F filing with the United States Securities and Exchange Commission 
www.sec.gov and home jurisdiction filings that are available at www.sedar.com, 
including the "Risk Factors" included in our Annual Information Form. 
 
 see the Company's website at www.tasekomines.com or contact: Brian Bergot, Vice 
President, Investor Relations - 778-373-4533 or toll free 1-877-441-4533 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

January 16, 2024 07:55 ET (12:55 GMT)

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