Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
The environmental assessment agency rejected Taseko Mines (TSE:TKO) New Prosperity Gold Copper Mine project in British Columbia a second time today stating that “significant adverse environmental effects that cannot be mitigated.”
Environment minister Leona Aglukkaq issued the decision under the Canadian Environmental Assessment Act.
“The Minister of the Environment has concluded that the New Prosperity Mine project is likely to cause significant adverse environmental effects that cannot be mitigated. The Governor in Council has determined that those effects are not justified in the circumstances; therefore, the project may not proceed,” said the ministry in a press release.
In November the environment ministry recommended that revised Prosperity proposal should not go forward. Taseko charged that the decision was based upon faulty data and asked that the findings be set aside.
A provincial environmental assessment process approved the project a few years back, but the federal government’s review then rejected the proposal late in 2010. Taseko’s revised plan included an additional $300 million in capital investment to limit the mine’s environmental impact.
BC’s mines minister had been lobbying the federal government to approve the project. The mine also had the support of Mayor of Williams Lake Kerry Cook and business groups.
Feds say no to Prosperity in BC.
— Bill Bennett (@KootenayBill) February 27, 2014
Located in northern British Columbia, the $1.5-billion project raised the ire of environmentalists and First Nations groups for the proposed destruction of Fish Lake to be used as a tailings impoundment.
Pic of myself at Teztan Biny (Fish Lake) #Tsilhqotin People have fought hard & have won!! New Prosperity Mine is Dead pic.twitter.com/9AwKT0YUUX
— Chief Bob Chamberlin (@ChiefBobbyc) February 27, 2014
Full news release from the federal environment minister:
New Prosperity Gold-Copper Mine Project – Environmental Assessment Decision
February 26, 2014 – Ottawa, ON – Office of the Minister of the EnvironmentThe Honourable Leona Aglukkaq, Minister of the Environment and Minister responsible for the Canadian Environmental Assessment Agency, today issued a decision statement under the Canadian Environmental Assessment Act, 2012 for the proposed New Prosperity Gold Copper Mine project in British Columbia.
The Minister of the Environment has concluded that the New Prosperity Mine project is likely to cause significant adverse environmental effects that cannot be mitigated. The Governor in Council has determined that those effects are not justified in the circumstances; therefore, the project may not proceed.
In making its decision, the federal government considered the report of the independent Review Panel which conducted a rigorous review of the New Prosperity Mine project, and agreed with its conclusions about the environmental impacts of the project.
Quick Facts
- Environment Minister Leona Aglukkaq announced today that the New Prosperity Mine project is not authorized to proceed.
- The EA Decision Statement and a Backgrounder, as well as information on the environmental assessment of the project are available at ceaa.gc.ca
Quotes
“The Government of Canada will make decisions based on the best available scientific evidence while balancing economic and environmental considerations,” said Minister Aglukkaq. The Minister added, “The Government will continue to make responsible resource development a priority and invites the submission of another proposal that addresses the Government’s concerns.”
