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Taseko announces partnership with Mitsui & Co. (U.S.A.), Inc. to develop Taseko’s Florence Copper project in Arizona

Date Announced

December 20, 2022

Lead Office

Vancouver

Value

100.00 Million USD

On December 20, 2022, Taseko Mines Limited ("Taseko") announced their strategic partnership with Mitsui & Co. (U.S.A.), Inc. ("Mitsui") to develop Taseko’s Florence Copper project in Arizona. Mitsui’s initial investment of US$50 million will take the form of a deposit under a copper stream agreement over a portion of copper produced from the project. In addition, Mitsui has the option to invest an additional US$50 million (for a total investment of US$100 million) and convert the copper stream into a 10% equity interest in Florence Copper Inc. (the project owner), exercisable within a three-year period following completion of construction of the commercial production facility. As part of the transaction, Florence Copper and Mitsui have entered into an offtake contract for approximately 81% of the copper cathode produced from the project during the initial years of production.

Taseko, based in Vancouver, Canada, is a mining company focused on operation and development of mines in North America.

Mitsui, based in Japan, has a United States branch that is located in New York.

McCarthy Tétrault advised Taseko with a team led by Roger Taplin and Chris Langdon that included Pat Deutscher and Peter Quon (Business).

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