B.C. approves Taseko open-pit gold, copper mine

A proposed open-pit gold and copper mine by Taseko Mines Ltd. has received environmental approval from British Columbia. The federal assessment is not yet completed but the company has said it is confident it will get the okay from Ottawa shortly. Taseko wants to start construction this summer and open the mine in 2012. The mine would only make money at high commodity prices, a long-term average of $575 (U.S.) per ounce for gold and $1.50 a pound for copper, which are far lower than current prices but much higher than prices in the 1990s. The B.C. government, which has a high priority on new mine development, announced the approval after the markets closed yesterday. TKO (TSX) was up a penny to $4.46.