Environment now worth protecting

Taseko Mines Ltd. will again attempt to gain federal approval for its $800 million Prosperity mine. Last November, Taseko was told that the mine near Williams Lake could not proceed because the copper and gold mine would make nearby Fish Lake a tailings dump. Area First Nations fought the company hard on the development. This time the company is prepared to spend $1.1 billion to make the mine a go.

CEO Russell Hallbauer announced Feb. 21 that Taseko has a revised its plan to addresses concerns Environment Minister Jim Prentice and First Nations raised, including greatly reduced environmental impacts that preserve Fish Lake, and which enables all mine operations and related components to be contained within a single watershed. There are still profits to be made with higher copper and gold prices, said Hallbauer.

“In 2005, when we initiated engineering work and economic and environmental studies on our Prosperity project, the long-term price projections for copper and gold were $1.50 per pound and $550 per ounce, respectively. Using these metal price projections, we put forward the best plan to ensure the project was economically viable. This plan involved the elimination of Fish Lake,” Hallbauer said in a release.

“The assumptions used were consistent with the environmental assessment terms of reference and the project was advanced with both provincial and federal agencies as well as with First Nations groups.”

Hallbauer said prices for copper ($2.50 per pound) and gold (nearly $1,400 per ounce) makes the Prosperity mine viable even if an extra $300 million in costs for preserving the environment must be spent.