VANCOUVER, Feb. 27, 2014 /PRNewswire/ - The Government of Canada has announced it will not issue the federal authorizations necessary for Taseko's (TSX: TKO; NYSE MKT: TGB) (the "Company") New Prosperity Project to proceed.
The Company fundamentally disagrees with the decision the federal government has made and believes they based their decision on a panel report which contains serious flaws. New Prosperity can be built to a high standard of environmental integrity, including the full protection of Fish Lake.
Russell Hallbauer, President and CEO of Taseko commented, "We are not alone in our disappointment. Many others, including the Government of British Columbia and the thousands of Cariboo residents who have worked hard to support New Prosperity will be similarly discouraged. We thank each of them for the confidence they have placed in us and wish to assure them that our commitment to the Cariboo remains strong. We will continue to support the excellent work of our 700 employees at Gibraltar, Canada's second largest open pit copper mine and the largest employer in the Cariboo region."
Mr. Hallbauer continued, "At the invitation of the federal government in 2010, Taseko committed $300 million to address the concerns from the first panel review and submitted a new proposal. After a second lengthy and costly federal review, the federal government has once again stood in the way of the development of an important project to British Columbia."Taseko will proceed with the federal judicial review which commenced in December. The judicial review challenges certain Panel findings and the Panel's failure to comply with principles of procedural fairness. Taseko will take the necessary steps to protect this valuable asset, but at the same time, will also look at other opportunities to increase shareholder value.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts