VANCOUVER, BC, Oct. 5, 2021 /PRNewswire/ - Taseko Mines Limited
(TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) ("Taseko" or the "Company")
is pleased to announce that it has signed a US$50 million Revolving Credit Facility (the
"Facility"). The Facility, which is arranged and fully underwritten
by National Bank of Canada, will
be available for working capital and general corporate
purposes.
Stuart McDonald, President and
CEO of Taseko, commented, "At current copper prices, we expect to
fully fund construction of the Florence Copper Project with
cashflow from Gibraltar operations
and our existing cash balance. While we have no intention of
drawing any funds from the new Facility on closing, it will further
improve our already strong balance sheet and provide us with
additional flexibility as we advance Florence towards production,
making it America's newest source of low-carbon copper."
Additionally, the U.S. Environmental Protection Agency ("EPA")
has advised Taseko that it intends to send a draft Underground
Injection Control ("UIC") permit to the Company in mid-October and
provide the Company with a two-week review period before the draft
permit is formally issued, commencing the public comment
period.
Mr. McDonald continued, "The UIC permit is the final permitting
step required prior to construction of Florence Copper, and the EPA continues to make
progress towards finalizing the permit with no significant issues
raised to-date. Receipt of the draft permit will represent another
significant step towards Florence
Copper being fully permitted and ready for
construction."
About the Revolving Credit Facility
The Facility has an initial tenor of 42 months and is extendable
annually thereafter. The Facility will be secured by a first
lien charge against Taseko's rights under the Gibraltar Joint
Venture as well as its shares of Gibraltar Mines Ltd., Curis
Holdings (Canada) Ltd., and
Florence Holdings Inc. The Facility includes financial and other
covenants commensurate with a corporate revolving credit facility
of this nature. The Facility is expected to close this week upon
satisfaction of customary closing conditions. A copy of the
Facility agreement will be available on the SEDAR website
(www.sedar.com).
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 effect of COVID-19 and the response of
local, provincial, federal and international governments to the
threat of COVID-19 on our operations (including our suppliers,
customers, supply chain, employees and contractors) and economic
conditions generally and in particular with respect to the demand
for copper and other metals we produce;
- uncertainties and costs related to the Company's exploration
and development activities, such as those associated with
continuity of mineralization or determining whether mineral
resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of
mineral reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project;
- uncertainties related to the ability to obtain necessary
licenses permits for development projects and project delays due to
third party opposition;
- 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, particularly laws, regulations
and policies;
- changes in general economic conditions, the financial markets
and in the demand and market price for copper, gold and other
minerals and commodities, such as diesel fuel, 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;
- the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain
insurance to cover mining risks;
- the risk of loss of key employees; 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;
- environmental issues and liabilities associated with mining
including processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or
other events or occurrences, including third party interference
that interrupt the production of minerals in our mines.
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.
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SOURCE Taseko Mines Limited