Vancouver-based Taseko Mines (TSX: TKO, NYSE AMEX: TGB) awaits the British Columbia government's approval for its proposed open pit mine. The CEO Russell Hallbauer predicted that the cabinet will have a decision on the proposed mining project after it reviewed the environmental threats.
The company had recently been awarded a 25 year mining lease by the Bristish Columbia government for the gold and copper mine near Williams Lake. However as the mining project threatened the environment, specifically fish habitat, some protection measures needed to be put into place before the approval was given.
The Federal Review Panel has already made environmental recommendations to Taseko should the mine be approved. British Columbia depends greatly on its mining industry to bring in over 8 billion dollars each year.
The flagship project, Prosperity, is set to bring in 400 million dollars of revenue per annum and also get more jobs in the community. The project is very popular in the local community and the Prime Minister and the Cabinet should show cognizance of that fact when they take their final decision.
The Prosperity deposit is a gold-copper porphyry with a 1.0 billion tonne measured and indicated resource containing 5.3 billion pounds of copper and 13.3 million ounces of gold.
Development of this large-scale deposit will be a major step towards transforming Taseko into a mid-tier mining company.