Why Shares of Taseko Mines Are Soaring Today

After receiving big news from the Grand Canyon State, Taseko Mines (NYSEMKT: TGB) is a major step closer in developing the Florence Copper Project in central Arizona. The Environmental Protection Agency (EPA) issued a key draft permit that brings the company closer to starting construction of the project.

As of 12:03 p.m. ET on Monday, shares of Taseko Mines are up 9.1%, having retreated from their earlier rise of 14.5%.

By issuing a draft Underground Injection Control (UIC) permit for the Florence Copper Project, the EPA has begun a 45-day public comment period, and it will hold a public hearing on Sept. 15. According to Taseko's CEO, Stuart McDonald, "The UIC permit is the final key permit required for the construction and operation of the Florence Copper commercial facility."

Source Fool.com