Shares of Canadian miner Taseko Mines Ltd (TSX:TKO) jumped on Thursday after the company announced it had received a final Underground Injection Control Permit from the US Environmental Protection Agency (EPA) for its Florence copper project located in Arizona.
The Florence project is slated to have a production capacity of 85 million pounds of copper per year, with a projected mine life of 22 years.
Notably, the project's operational cost is estimated at $1.11 per pound of copper, making it an economically viable venture.
With approvals from both the EPA and the Arizona Department of Environmental Quality secured, the company is poised to commence construction.
"We now have one of a very few construction-ready, fully permitted copper projects in North America,” Stuart McDonald, CEO of Taseko Mines, told shareholders in a statement.
Upon reaching full commercial operations, Florence is expected to contribute significantly to copper production, offering 85 million pounds annually. This is based on a March 2023 technical report, supported by successful production tests, and carries an after-tax NPV (8%) of US$930 million at a copper price of US$3.75 per pound.
In Canada, Taskeo shares rose 17.7% at $2.10, while its US-listed shares were up 18.7% at US$1.56.