VANCOUVER — Taseko Mines (TKO-T) got a nice share price lift on news the provincial authorities gave the company’s Prosperity copper-gold project in central British Columbia an environmental stamp of approval.
After a review process that lasted 15 years, Taseko now holds a provincial environmental assessment (EA) certificate for the project. Taseko plans to build a mine at Prosperity processing 70,000 tonnes of ore daily for 20 years. The operation would produce 247,000 oz. gold and 108 million lbs. copper annually.
The project is expected to create 375 jobs during the two-year construction period and the 20- year mine life. The mine would also contribute $400 million to provincial coffers and another $43 million to regional and local government revenues.
The environmental assessment concluded the Prosperity mine is not likely to result in any significant adverse effects, with the exception of the loss of Fish Lake and Little Fish Lake. Taseko plans to use those lakes as tailings facilities.
To balance the adverse effect, the EA certificate requires Taseko to “implement a fish and fish habitat compensation plan to offset the loss of fish and fish habitat, and provide fishing opportunities for the public and First Nations. This will include the establishment of a new lake in the vicinity of Fish Lake.”
Prosperity still requires a federal EA certificate before development can begin. A federal review panel has been established and the process is underway.
Prosperity’s proven and probable reserves stand at 487 million tonnes grading 0.43 gram gold per tonne and 0.22% copper.
On news of the provincial environmental green light in mid-January, Taseko’s share price gained as much as 82¢ to reach a new share price high of $5.28 before settling slightly to close up 71¢ at $5.17. In early 2009 Taseko shares were selling for just 94¢. The company has 183 million shares outstanding.
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