Taseko receives approvals for additional financing for florence copper

VANCOUVER — Taseko Mines Limited has provided an update on two additional financing transactions, totalling US$100 million, for its Florence Copper Project in Arizona, USA.

The company has been notified that Taurus Mining Royalty Fund L.P. (Taurus) has obtained investment committee approval for a US$50 million royalty, and Societe Generale has received credit approval for a US$50 million senior secured debt facility. Upon closing and satisfaction of conditions precedent, proceeds from these project level financings will be available to Florence Copper to fund the construction and development of the commercial production facility.

“The Taurus royalty and the project loan facility from Societe Generale complement the previously announced commitments from Mitsui and Bank of America,” said Stuart McDonald, President and CEO of Taseko. “A total of US$175 million from these four well-regarded industry participants is a strong endorsement of Florence Copper’s technical merits, attractive economics, and favorable environmental attributes.”

“Florence Copper will supply 85 million pounds of copper, now defined a critical material by the Department of Energy, to the US domestic market. With the permitting process complete and these new financings expected to close in the coming months, we can now begin construction of the commercial facility at Florence,” concluded McDonald.