The B.C. Securities Commission says it has reviewed unusual trading in the shares of Taseko Mines Ltd. last year and concluded there's no basis for taking regulatory action.
Thereview was announced Nov. 25, about three weeks after Ottawa rejectedthe company's proposal for a major gold and copper mine near WilliamsLake, B.C.
The stock lost about 25 per cent of their value on Nov. 3, aday after the announcement by Jim Prentice, who was the environmentminister at the time.
News reports later raised questions aboutunusually heavy trading of Taseko shares on Oct. 14, 2010 — about 2½weeks before the federal government denied approval for the mine.
Onthat day, Taseko shares dropped by as much as 34 per cent — to a low of$4.58 — before rebounding to close at $6.21 the same day. Tradingvolume was also heavy that day, with about 7.5 million exchanged inToronto and nearly 23.5 million traded in New York.
Opposition MPsalleged that there was a leak of information by the government — anaccusation that was labelled “pure speculation” by John Baird, thegovernment House leader.