UPDATE 1-Taseko Confident of Federal nod for Prosperity Mine-Shanghai Metals Market

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UPDATE 1-Taseko Confident of Federal nod for Prosperity Mine

Industry News 09:08:17AM Jul 06, 2010 Source:SMM

July 6 (Reuters) - Taseko Mines Ltd (TKO.TO) said it is confident that Prosperity project in British Columbia would be approved by the federal cabinet.

On Friday, a Canadian federal panel said Taseko Mines' proposed Prosperity project in British Columbia would result in "significant" adverse environmental effects on wildlife habitat and certain aboriginal rights.

Taseko said the panel report concluded that out of the 24 potential environmental impacts identified in the report, only two had significant effect -- the loss of Fish Lake and its associated habitat, and the cumulative effects of human activity on grizzly bear.

The company said it has secured 80 percent of the C$800 million ($751.9 million) capital required to build the gold and copper project, which has one billion tons of measured and indicated resources, containing 13.3 million ounces of gold and 5.3 billion pounds of copper.

Separately, Union of British Columbia Indian Chiefs, in a statement on their website, strongly recommended the Federal Cabinet to reject the Prosperity mine project as the federal review panel's report had been completed.

Shares of the Vancouver-based company lost 20 percent to close at C$3.32 Monday on the Toronto Stock Exchange. ($1=1.064 Canadian Dollar) 
 

UPDATE 1-Taseko Confident of Federal nod for Prosperity Mine

Industry News 09:08:17AM Jul 06, 2010 Source:SMM

July 6 (Reuters) - Taseko Mines Ltd (TKO.TO) said it is confident that Prosperity project in British Columbia would be approved by the federal cabinet.

On Friday, a Canadian federal panel said Taseko Mines' proposed Prosperity project in British Columbia would result in "significant" adverse environmental effects on wildlife habitat and certain aboriginal rights.

Taseko said the panel report concluded that out of the 24 potential environmental impacts identified in the report, only two had significant effect -- the loss of Fish Lake and its associated habitat, and the cumulative effects of human activity on grizzly bear.

The company said it has secured 80 percent of the C$800 million ($751.9 million) capital required to build the gold and copper project, which has one billion tons of measured and indicated resources, containing 13.3 million ounces of gold and 5.3 billion pounds of copper.

Separately, Union of British Columbia Indian Chiefs, in a statement on their website, strongly recommended the Federal Cabinet to reject the Prosperity mine project as the federal review panel's report had been completed.

Shares of the Vancouver-based company lost 20 percent to close at C$3.32 Monday on the Toronto Stock Exchange. ($1=1.064 Canadian Dollar)