Taseko Mines said today it has resubmitted a new plan for the $800-million Prosperity gold and copper mine that will reduce environmental impacts and preserve Fish Lake.
The project, in the Williams Lake area south of Prince George, was rejected by the federal government seven weeks ago over significant environmental impacts identified in a federal panel review.
Taseko said it was able to produce a more-costly redesign that preserves the lake because the long-term prospects of copper and gold prices have increased significantly. The company estimated the redesign will add $300 million in construction and operating costs.
Taseko president and CEO Russell Hallbauer noted prices have nearly doubled since the company's long-term assumptions in 2005.
Copper is at $2.50 per pound, up from the company's $1.50 assumption in 2005. Gold is above $1,000 an ounce, up from a $550-an-ounce assumption.
"Our initiative to preserve Fish Lake and accommodate the concerns of the federal government and First Nations communities is a major commitment and undertaking by Taseko," Hallbauer said in a statement.
"Given that the project re-design retains much of the original plan, Taseko is confident that government agencies and departments will be able to rely on significant portions of the already completed environmental assessments to inform the new assessment and that we anticipate the scope of that assessment to be focused on only what has changed," said Hallbauer.
Under the new plan, all mine operations will be contained in one single watershed, said the company.
