london stock exchange welcomes taseko mines to the main market
London Stock Exchange today welcomes Taseko Mines Limited (Taseko), (TSX: TKO; LSE: TKO; NYSE American: TGB), a North American focused copper producer and developer, to trading on the Main Market. The Company’s shares were admitted to the Standard Segment of the Official List of the Financial Conduct Authority, at 8am on Friday 22 November 2019. The Company will maintain a primary listing on the Toronto Securities Exchange, as well as a listing on the New York Stock Exchange.
Taseko is a North American focused copper producer and developer with assets in both Canada and the USA. The Company’s flagship asset is the world class Gibraltar copper mine which has an expected mine life of 19 years based on Proven and Probable Mineral Reserves of 594 million tons, containing 2.6 billion pounds of recoverable copper.
Gibraltar’s low-cost structure is achieved by having a skilled and efficient workforce, low cost, reliable power and access to modern infrastructure. Alongside Gibraltar, Taseko owns the Florence Copper Project in Arizona.
Taseko Mines recently released their third quarter results which saw copper production on plan at Gibraltar of 33 million pounds, with grades, mill throughput and recoveries all in line with management expectations. The Company expects to achieve the original 2019 guidance of 130 million pounds of copper.
Florence Copper has the potential to transform Taseko’s production profile in the coming years, and dramatically reduce the Company’s consolidated unit costs. A recently completed CPR confirms a project with a production capacity of 85 million pounds of copper over a 20-year mine life, with an after-tax NPV (at 8%) of US$670 million and an IRR of 40%.
Stuart McDonald, President of Taseko Mines, commented:
“We are delighted to be celebrating Taseko’s London Stock Exchange listing today. This milestone marks the company’s next significant phase of growth and will provide us with a greater platform from which to access a larger pool of investors. The London Stock Eexchange is home to some of the world’s largest mining companies and we look forward to joining the ranks of the mid-tier copper producers.
Taseko Mines aims to be the number one ranked mid-cap North American Copper producer listed on the London Stock Exchange and we believe that Gibraltar and Florence present an attractive investment opportunity along with our portfolio of longer-term projects. We are committed to creating value for shareholders and we look forward to our new listing on the LSE.”
Velocity Trade Capital are the Company’s financial advisers; the Company’s UK legal adviser is Memery Crystal LLP. Tavistock is Taseko’s Public Relations adviser.