Taseko Mines reports 'significant improvement' to Florence project economics
Taseko Mines announced that recently completed technical work on the Florence Copper Project has resulted in a "significant improvement in project economics." Russell Hallbauer, president and CEO of Taseko, stated, "We are very pleased with the outcome of the latest engineering work which has increased the net present value of the project to $920M. Contributing to the higher NPV is an 11% increase in average annual copper production, combined with slightly lower operating costs and pre-production capital... It is our goal to commence construction on the production test facility in 2017 and advance this project towards being a second cash-flowing asset for Taseko." The company also noted the project's pre-tax internal rate of return of 44% with a 2.3 year payback.