Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Taseko Mines (TSE:TKO) says the rejection by the federal government for its New Prosperity project is “not an acceptable conclusion” and it will pursue other courses.
“This is not the end. Saying no to this project, which is so important to so many people, is not an acceptable conclusion,” said Taseko Vice President of Corporate Affairs Brian Battison in an interview with News 1130. (The company’s president also released a statement on the decision.)
Battison said that the judicial review will continue to run its course. The company will also consider other courses.
The company was down 5.49% to $2.24 per share after opening.
Yesterday the Environment minister Leona Aglukkaq issued the decision under the Canadian Environmental Assessment Act rejecting a mine stating that “significant adverse environmental effects that cannot be mitigated.” Her decision was based upon a report released by her agency in November.
Taseko said the findings were flawed and relied upon the wrong tailings storage facility design and the company filed for a judicial review.
The Sierra Club welcomed the rejection of New Prosperity.
“This is the only decision that the federal cabinet could credibly make given the overwhelming scientific evidence presented to the review panel and the proven, court-declared First Nations rights to the area,” said Executive Director Bob Peart in a news release.
“We are delighted to see this threat removed from the pristine waters and fish populations of Teztan Biny, and congratulate the Tsilhqot’in Nation on an important step toward protecting this culturally and spiritually significant place.”
New Prosperity copper-gold project is located 125 km south west of Williams Lake.
