The Canadian Environmental Assessment Agency (CEAA) has formally accepted Taseko Mines Limited’s project description for its proposed $1-billion New Prosperity gold-copper mine in B.C.’s central interior.
“Acceptance of the project description ensures the federal government’s environmental assessment of New Prosperity will begin on or before November 7, 2011,” said Russell Hallbauer, president and CEO of Taseko. “With this decision we have a clear view of the regulatory timeline ahead. Under a comprehensive study, which is the process we expect for New Prosperity, CEAA will have 365 days in which to complete its review and submit a final report to the federal minister of the environment.”
Hallbauer added: “New Prosperity is a unique opportunity for British Columbia, First Nations and Canada as a whole. Taseko has made significant efforts to address the concerns identified during the original federal review process. In particular, the preservation of Fish Lake, which adds $300 million in capital and operating expense to the project, is a strong example of the company’s commitment to the success of New Prosperity and to the principles of sustainable mining.”
New Prosperity is the largest undeveloped gold-copper deposit in Canada and the seventh largest in the world. Taseko said this project promises to create vital economic and social value for the province. In particular, the Cariboo Chilcotin region will benefit by generating 700 construction jobs for two years, as well as 550 new direct jobs and 1,280 indirect jobs during its 20-year operating life.
The complete project description, including an executive summary of New Prosperity, can be viewed on the project website.