Taseko Mines (TSX:TKO) announced Friday its re-tooled plan for a massive copper-gold mine in the B.C. interior has been accepted for review by the Canadian Environmental Assessment Agency.
The Vancouver-based copper miner said Ottawa’s decision to accept and move forward with a review of the $1 billion project adds certainty for investors who are keen to see it built.
“Acceptance of the project description ensures the federal government’s environmental assessment of New Prosperity will begin on or before November 7, 2011,” commented Russ Hallbauer, president and CEO of Taseko.
”With this decision we have a clear view of the regulatory timeline ahead.”
The project became a lightning rod for controversy last year after the company tabled an original plan that would result in the destruction of two lakes and small watershed in B.C.’s Cariboo-Chilcotin region. (See “Chasing Prosperity” – issue 1101; November 30 to December 6, 2010.)
The federal government refused to grant the project an environmental certificate last year, forcing Taseko to re-submit a more expensive plan that’s designed to save Teztan Biny, more commonly known as Fish Lake.
New Prosperity is expected to create 1,280 jobs during its 20-year operating life and become a significant contributor to the provincial economy, but First Nations close to the project site maintain it’s environmental impacts are too costly.
On Friday, the Tsilhqot’in National Government called on the federal government to halt the environmental review process, calling it a “drain” on time and resources.
“If the Canadian government wants to reduce its deficit, then cancel this process,” said Tsilhqot’in tribal chairman Chief Joe Alphonse. “It will prevent the frivolous spending of tax money consistently being wasted to review a mine that will not go through.”
Joel McKay
Twitter:jmckaybiv