Public hearings began Monday for Taseko Mines Ltd.’s (
TSX: T.TKO,
Stock Forum) proposed $1 billion open pit gold and copper mine near Williams Lake, British Columbia.
The New Prosperity project is being reviewed by the Canadian Environmental Assessment Agency for the second time after the federal government rejected it in 2010 amid concerns about draining Fish Lake, which local First Nations says has cultural significance, to create a tailings pond.
Taseko shares rose 5.3% Monday to $2.19, leaving the company with a market cap of $421.7 million, based on 192.6 million shares outstanding. The 52-week range is $3.48 and $1.88.
Taseko vice-president Brian Battison said in an interview with CBC that the new proposal includes an additional $300 million to move the tailings pond. This is a response to opposition to an earlier plan to drain the lake and use it to store mine tailings.
Still, a number of First Nations groups remain opposed to the project, including the local Tsilhqot'in National Government.
Chief Joe Alphonse told CBC that his people are ready to fight the project again.
"This company, the government should have done their research before they chose to pick a fight with us."