Environment Canada ruled the Taseko  project called "Prosperity Mine"  had  significant adverse enviromental effects.  The mine would have destroyed  a lake.

The decision also cited  concerns about the mine negatively impacting First Nations,  and grizzly bears.

The project was expected to  create  abnout two thousand direct and indirect jobs.

The Provincial government had  approved the project  contingent on Taseko building a  larger lake upstream. 

As for  Mount Milligan,  it is a "go".

"We believe in balancing resource stewardship with economic development" said Environment Minister Jim Prentice, "The Mount Milligan project has been designed in a way that minimizes impacts to the environment, while the significant adverse environmental effects of the Prosperity project cannot be justified as it is currently proposed."

Comments

Posted by: northman on November 2 2010 4:11 PM

Im not really surprised with the way the politics in this province and country have been going.
This was a political decision based on feelings, emotions and politics instead of economic principals and base line study's.

Posted by: PGDriver on November 2 2010 4:30 PM

That and the fact they were going to wipe out an entire lake, turn it into a tailings pond and hope for the best...

Posted by: Marigold on November 2 2010 5:16 PM

My faith in the Federal Government has been partially restored. Good for you Mr Prentice !!
Actually two lakes would have been destroyed.

Posted by: metalman on November 2 2010 6:15 PM

If only they could find a way to extract the resource without destroying the environment, we would have a win/win situation. I am pro business for sure, but do not support eliminating a lake in the drive for shareholder enrichment.
Another good and recent example is Kemess North, they wanted to dump the tailings into Duncan Lake, not acceptable. Kemess South on the other hand, 'only' destroyed a box canyon to create a tailings pond and dam. Could they not have fortified and raised the dam to accomodate tailings from the 'North' operation? No, too costly, too far to pump, even if possible, not enough projected return for the almighty shareholder.
metalman.

Posted by: Andyfreeze on November 2 2010 7:12 PM

Good for Mt.Milligan!
It is an example of how a mine should be built,and the benefits to the entire area will be felt far and wide.
Fort St.James and Mackenzie,as well as Prince George itself, will all reap the benefits in jobs and associated business spin offs.
And congrats to the McLeod Lake band as well, for their foresight in grabbing a piece of the pie!
Now that is smart leadership!
Leadcore crews are working on the mine site and infrastructure as we speak, not to mention the road crews who hve been upgrading the road therough to Mackenzie most of the summer.
Fort St.James has practically no houses left to sell and it is only going to get better!
Thompson Creek,the new owner,is a strong company.
If Endako Mines is any example,this is going to be a winner!
Time to buy more shares!

Posted by: Palopu on November 2 2010 7:31 PM

At $12.36 per share Thompson Creek is a little high for my blood.

Ill stick to the small stuff.

Posted by: He spoke on November 2 2010 7:42 PM

Palopu, a little late now. Beside you should of bought last year, which Terrane Metals was trading for 20 cents, jumped all the way to $1.80, its about $1.50 now.
Got a bit of that ride.

Yes, the right decision was made. This is the 21 st century in a socialist touchy feely society. Your not gonna get away with that kind of attitude of destroying a lake for the sake of making a couple of bucks. Do it right in the first place. No I do not feel sorry for the tens of millions of dollar you lost.... Didn't you learn anything from Kemess North!

Posted by: northman on November 2 2010 7:52 PM

I gained 500% with TRX..i got out before the take over. I kind of miss Terrane actually as a company becuase of thier dedication to Fort St James.

TCM looks very interesting with the news out of China this week capping moly exports in 2011. Might be looking to get back in.

I was really hoping for the green light on TKO today. Not only in terms of an investment perspective but i dont think people really know how serious the provincial debt is getting. Lakes dont buy hostpitals, roads and education revenue in the form of resource extraction does. Once again the workign joe in this province gets stiffed.

Posted by: interceptor on November 2 2010 8:31 PM

Fantastic news for our area and Palupudork finds a way to beotch how it affects him again...
I am now at the point of feeling sorry for someone so miserable.

The right decision was made on Prosperity too, good call on the Feds.

Posted by: Andyfreeze on November 2 2010 8:45 PM

Good for you northman!
Terrane was a damn good corporate citizen with a damn good plan!
It didn't take long to see that this one would be a go.
We could use more companies like them.
My bank account thanks them...a lot!

Posted by: Palopu on November 2 2010 9:54 PM

He Spoke, I got some action on the Terrane stock a few years ago and dumped it before the sale to Thompson Creek. Made a few bucks **so to speak**

Posted by: DPJ on November 2 2010 11:34 PM

Lets hope the posperity mine can figure out another way to avoid destroying the lake.

Posted by: Andyfreeze on November 3 2010 5:49 AM

If anyone is interested,Thompson Creek Mining (TCM-T) jumped 61 cents on after hours trading in the U.S.last night.
That is likely because of the announcement regarding the final environmental permit.
That will no doubt,be relected in the canadian market at some point,and likely sooner than later.
We always seem to be a bit behind the U.S.on the canadian markets.
Everyone should do their own research before buying in,but with the expansion already in progress for Endako, as well as MT.Milligan,it has serious potential.

Posted by: doogood on November 3 2010 1:36 PM

Really! With all that gold they could build a new, bigger, better lake. Let the mining begin.