January 21, 2010
MLA Rustad Says Mining Key to Recovery for Pine Beetle Impacted Areas

VANDERHOOF - Major, new job growth and economic development is expected following a provincial government decision last week to approve Taseko Mines Limited’s environmental assessment certificate for its proposed Prosperity Gold-Copper Project.

“This is one more step forward in the renewal of northern British Columbia, one that involves the mining industry leading our region to a more promising, positive future,” says Nechako Lakes MLA John Rustad. “This is about quality jobs that will help sustain our local communities and bring prosperity. Hard-working families committed to staying in the North will benefit.”

Rustad has made it his top priority to advocate for economic diversification and opportunities for northern families.

“This is our decade and our opportunity for the kind of growth that we need to counter the pine beetle impact,” adds Rustad. “We have so much potential ahead of us and a variety of new mining projects will play a key role in that revitalization.  The cumulative impact of this project along with Mt. Milligan and others will significantly improve opportunities in Northern B.C.”

Taseko Mines Limited is a British Columbia-based company that has plans to expand mining in the Cariboo region. The Prosperity Gold-Copper Project will provide an initial $800 million capital investment with 700 construction jobs over a two-year development phase followed by 500 direct jobs and 1200 indirect jobs once the mine is up and running. The company is expected to invest $200 million per year in the region for a total of $5 billion over the 20-plus year operating life of the mine.

Economic projections indicate that the Prosperity Mine would generate $1.7 billion in federal government revenues and $3.4 billion for the  provincial government, all going to help fund vital public services such as health care and education. New employment opportunities will help raise consumer spending by $303 million per year in B.C. or a cumulative total of $6.9 billion over the life of the mine.  It’s estimated that the equivalent impact of Prosperity will generate $1,400 in additional disposable income for each household in B.C. with residential investment expenditures rising by $743 million.

“Two generations ago, the North was experiencing quite a growth spurt,” concludes Rustad. “We could see something even bigger with mining leading the way.”

Taseko is now focusing on obtaining an environmental certificate from the federal government as their next major step forward in making the Prosperity Gold-Copper Project a reality.

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