Newmont sells Ontario mine to Orla for $850 million
The addition of the Musselwhite mine to its portfolio more than doubles Orla Mining's gold output to 300,000 ounces per year.
Taseko announced in February it is taking another run at Prosperity after the federal government rejected it last fall.
Under the revisions, the company plans to spend another $300 million, pushing the project’s capex to $1.1 billion.
The gold- copper project in northern British Columbia 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.
“We have made significant efforts to address all the necessary requirements for final federal approval. Preserving Fish Lake, which adds $300 million in capital and operating expense to the project, is an example of that effort and a reflection of the depth of our commitment to the success of New Prosperity and to the principles of sustainability,” Taseko President & CEO Russell Hallbauer said in a news release.
Taseko notes that Prosperity is the 7th largest undeveloped gold-copper porphyry deposit in the world. The proposed open-pit mine near Williams Lake would have a 20-year mine life and produce up to 70,000 tonnes of ore per day.
Image by Taseko Mines Ltd.
