Prosperity could run for 33 years
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Steady high copper and gold prices have lead Taseko Mines to announce a 70 per cent increase in mineral reserves at the proposed Prosperity mine at Fish Lake.
The announcement means Prosperity, if approved by the province and the federal government, would have an operating life of 33 years, not the 20 years previously announced.
The reserve increase is three million ounces of gold, bringing the total recoverable amount at Prosperity to 7.7 million ounces; and 1.6 billion pounds of copper, bringing the total recoverable amount to 3.6 billion pounds.
The mineralization was always in the ground at the site, Taseko vice-president of corporate affairs Brian Battison says, but with higher prices it means that more of those minerals can be processed thus extending the mine life farther out into the future.
Taseko is now basing its reserves on prices of $650/ounce for gold and $1.65/pound for copper, up from $550/ounce and $1.50/pound.
“These are still very conservative numbers,” Battison says. The price of gold was $1,140 per ounce on Monday, and the price of copper was $2.95 / pound.
Taseko does have resources of minerals at the site that are still not deemed reserves, Battison says.
He calls the announcement good news.
“The economic benefits of Prosperity will continue for another 13 years,” he says.
The project is still undergoing both provincial and federal environmental reviews.
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