Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
23 Janvier 2024 - 6:48PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For
the month of January, 2024
Commission
File Number: 001-31965
Taseko
Mines Limited
(Translation of registrant's name into English)
12th
Floor - 1040 West Georgia St., Vancouver, BC, V6E 4H1
(Address of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ ]
Form 20-F [ x ] Form 40-F
SUBMITTED
HEREWITH
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Taseko Mines Limited |
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(Registrant) |
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Date: January 16, 2024 |
By: |
/s/ Stuart McDonald |
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Stuart McDonald |
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Title: |
President |
Exhibit 99.1
Taseko Provides Financing
and Construction Update for the Florence Copper Project
January 16, 2024, Vancouver, BC - Taseko
Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the "Company") is pleased to provide an update
on financing and construction progress at its Florence Copper project.
On January 15, 2024, the Company signed a definitive
agreement with Taurus Mining Royalty Fund L.P. (“Taurus”) for the previously announced sale of a US$50 million royalty. The
royalty will be for 1.95% of the gross revenue from the sale of all copper from Florence Copper. Funding of the US$50 million is subject
to customary closing conditions, and proceeds are expected to be received in early February. The Company also expects to drawdown the
first US$10 million of the US$50 million Mitsui financing later this month. With these financings in hand, construction activities at
Florence will be accelerating.
To date, site activities have focussed on site
preparations, earthworks and civil work for the commercial wellfield. The initial drilling contracts are now being finalized, with drilling
of the commercial facility wellfield to commence in February. Additionally, the Company expects to sign a fixed-price contract with TIC
Kiewit as general contractor for construction of the SW/EW plant and associated surface infrastructure. All the major plant components
are onsite and the build will begin in the second quarter of this year.
Stuart McDonald, President & CEO of
Taseko, commented, “Signing of the Taurus royalty agreement is another positive milestone for the project. We are excited to be
ramping up construction activities at Florence Copper, which will soon be a major new supplier of low-carbon copper cathode to the US
market.
Site preparations and civil work are well
advanced, and we're looking forward to commencing wellfield drilling, with four rigs planned to be onsite initially. Construction of the
SX/EW plant and other infrastructure represents a significant portion of the remaining project spend, and a fixed-price contract with
TIC Kiewit will reduce inflationary risks, as Arizona continues to be a very active construction market. Our early work on detailed engineering
and procurement of long-lead items has significantly de-risked the construction schedule and we’re tracking towards first copper
production in the fourth quarter of 2025. We’re taking a disciplined approach to the buildout of the commercial facility at
Florence, while our existing operations at the Gibraltar Mine continue to generate good cashflows in a strong copper price environment.”
“As an existing copper producer,
Taseko is in an enviable and unique position with near-term, low cost production growth coming from a fully-permitted and environmentally
beneficial copper project. With copper now added to the US Department of Energy’s critical materials list, market interest in our
project and future copper production remains strong,” added Mr. McDonald.
For further information on Taseko, see
the Company’s website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor
Relations - 778-373-4533 or toll free 1-877-441-4533
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 future market price of copper and the other metals that we produce or may seek
to produce; |
| • | changes in general economic conditions, the financial markets, inflation and interest rates and in the
demand and market price for our input costs, such as diesel fuel, reagents, 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; |
| • | uncertainties resulting from the war in Ukraine, and the accompanying international response including
economic sanctions levied against Russia, which has disrupted the global economy, created increased volatility in commodity markets (including
oil and gas prices), and disrupted international trade and financial markets, all of which have an ongoing and uncertain effect on global
economics, supply chains, availability of materials and equipment and execution timelines for project development; |
| • | uncertainties about the continuing impact of the novel coronavirus (“COVID-19”) and the response
of local, provincial, state, federal and international governments to the ongoing threat of COVID-19, on our operations (including our
suppliers, customers, supply chains, employees and contractors) and economic conditions generally including rising inflation levels and
in particular with respect to the demand for copper and other metals we produce; |
| • | inherent risks associated with mining operations, including our current mining operations at Gibraltar,
and their potential impact on our ability to achieve our production estimates; |
| • | uncertainties as to our ability to control our operating costs, including inflationary cost pressures
at Gibraltar without impacting our planned copper production; |
| • | the risk of inadequate insurance or inability to obtain insurance to cover material mining or operational
risks; |
| • | uncertainties related to the feasibility study for Florence copper project (the “Florence Copper
Project” or “Florence Copper”) that provides estimates of expected or anticipated capital and operating costs, expenditures
and economic returns from this mining project, including the impact of inflation on the estimated costs related to the construction of
the Florence Copper Project and our other development projects; |
| • | the risk that the results from our operations of the Florence Copper production test facility (“PTF”)
and ongoing engineering work including updated capital and operating costs will negatively impact our estimates for current projected
economics for commercial operations at Florence Copper; |
| • | uncertainties related to the accuracy of our estimates of Mineral Reserves (as defined below), Mineral
Resources (as defined below), production rates and timing of production, future production and future cash and total costs of production
and milling; |
| • | the risk that we may not be able to expand or replace reserves as our existing mineral reserves are mined; |
| • | the availability of, and uncertainties relating to the development of, additional financing and infrastructure
necessary for the advancement of our development projects, including with respect to our ability to obtain any remaining construction
financing potentially needed to move forward with commercial operations at Florence Copper; |
| • | our ability to comply with the extensive governmental regulation to which our business is subject; |
| • | uncertainties related to our ability to obtain necessary title, licenses and permits for our development
projects and project delays due to third party opposition; |
| • | our ability to deploy strategic capital and award
key contracts to assist with protecting the Florence Copper project execution plan, mitigating inflation risk and the potential impact
of supply chain disruptions on our construction schedule and ensuring a smooth transition into construction; |
| • | uncertainties related to First Nations claims
and consultation issues; |
| • | our reliance on rail transportation and port terminals
for shipping our copper concentrate production from Gibraltar; |
| • | 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 and mine closure and bonding requirements; |
| • | our dependence solely on our 87.5% interest in Gibraltar (as defined below) for revenues and operating
cashflows; |
| • | our ability to collect payments from customers, extend existing concentrate off-take agreements or enter
into new agreements; |
| • | environmental issues and liabilities associated with mining including processing and stock piling ore; |
| • | labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour
in markets in which we operate our mine, industrial accidents, equipment failure or other events or occurrences, including third party
interference that interrupt the production of minerals in our mine; |
| • | environmental hazards and risks associated with climate change, including the potential for damage to
infrastructure and stoppages of operations due to forest fires, flooding, drought, or other natural events in the vicinity of our operations; |
| • | litigation risks and the inherent uncertainty of litigation, including litigation to which Florence Copper
could be subject to; |
| • | our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities; |
| • | our ability to meet the financial reclamation security requirements for the Gibraltar mine and Florence
Project; |
| • | the capital intensive nature of our business both to sustain current mining operations and to develop
any new projects, including Florence Copper; |
| • | our reliance upon key management and operating personnel; |
| • | the competitive environment in which we operate; |
| • | the effects of forward selling instruments to protect against fluctuations in copper prices, foreign exchange,
interest rates or input costs such as fuel; |
| • | 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; and Management Discussion and Analysis (“MD&A”),
quarterly reports and material change reports filed with and furnished to securities regulators, and those risks which are discussed under
the heading “Risk Factors”. |
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.
Taseko Mines (AMEX:TGB)
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