Everyone in the market right now has its eyes on copper prices ever since its recent high rise in years, to over $3.70 per pound.
It is speculated that this recent surge in prices has to do with the metal’s high demand for future technology used in renewable resources. So copper mines and are all in to take advantage and fasten their projects to start production.
Taskeo is accelerating its Florence copper project, moving forward with final design engineering of the commercial productions
They have announced a completed offering of $400 million aggregate principal, amount of 7.0% senior secured notes due in 2026. Taking this into the equation, they will have $131 million available for capital expenditures, working capital and general corporate purposes. This will help strengthen their financial position and lower capital cost.
Taseko stated that Florence is one of the least capital-intensive copper production facilities with an estimated $0.90 per pound of copper once operating and a production of 40,000 tons of high-quality cathode copper annually for the US market.
References: M. (2021, February 10). Taseko raises $200m to fund Florence copper project. Retrieved from https://www.mining.com/taseko-raises-200m-to-fund-florence-copper-project