B.C. is a step closer to having its first new mine built in more than a decade.
Victoria has issued a provincial environmental assessment certificate to Taseko Mines Ltd.'s (TSX:TKO) Prosperity gold-copper project.
The proposed mine would be located near Williams Lake, and Taseko believes Prosperity has the largest gold-copper reserve base in Canada with 7.7 million ounces in gold, and 3.6 billion pounds of copper.
The capital cost of the project is $800 million, and it could be the first new mine built in B.C. since the 90s.
But Prosperity has to meet 103 provincial environmental commitments for it to be built, including the establishment of a new lake in the facility to replace Fish Lake, which will be destroyed in the process.
Taseko also has to receive a federal environmental certificate that has no set timeline, and counter opposition from MiningWatch Canada, which does not support the project.
The company's stock rose $0.01 to $4.46 on the news.