Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Taseko Mining should be hearing today from the Canadian Environmental Assessment Agency on whether the revised Prosperity Mine proposal can go ahead.
Taseko Mines (TSE:TKO) estimates its proposed New Prosperity copper-gold mine, to built in near Williams Lake in British Columbia, would generate $9.8 billion in tax revenues for the federal and BC government over the next 20 years.
The Vancouver-based company is taking another run at developing the $1.5-billion project after the federal government rejected it last fall.
The gold-copper project raised the ire of environmentalists and First Nations groups for the proposed destruction of a lake to be used as a tailings impoundment. A provincial environmental assessment process had approved the project, but the federal government’s own review rejected it last November.
3 Comments
Russpederson
If this project continue’s to get delayed, it will die a slow death, end result, loss of 50,000 jobs, revenue for Provincial and Federal Governments, loss to local communities, schools, sporting agencies, etc etc, what a loss to BC and Canada.
Russ P
Dan Oancea
Look at the economy; at the jobs that we’ve just lost here in Canada; look at what’s next – Greece, Italy, Spain, USA, China – and all the uncertainty clouding our future and then decide what’s more important an insignificant lake that could be rebuilt anywhere else and restocked or our survival as a nation during these harsh times.
Jack wilson
We had better get a positive decision from the CEAA,the frequency that first nations are blocking numerous projects is seconded only by the number of lawyers that they always seem to afford.So much for the Department of Indian Affairs and their (our) funds.