Taseko's New Prosperity Mine Would Increase Real GDP by $11 Billion, Add71,000 Jobs Over 20 Years, New Study Reveals
Oct. 18, 2011, 8:00 a.m. EDT
Taseko's New Prosperity Mine Would Increase Real GDP by $11 Billion, Add 71,000 Jobs Over 20 Years, New Study Reveals
VANCOUVER, Oct. 18, 2011 /PRNewswire via COMTEX/ -- A new comprehensive economic study of Taseko Mines' /quotes/zigman/18149 CA:TKO -3.59% /quotes/zigman/18135/quotes/nls/tgb TGB -4.55% ("Taseko") proposed $1.5 billion New Prosperity Gold Copper Project located in British Columbia reveals that the project would provide a significant economic stimulus to the economy, and create thousands of new jobs for Canada over its 20 year mine life.
Using a macroeconomic model of the British Columbian economy, The Centre for Spatial Economics (C4SE), who has previously developed Canadian Department of Finance fiscal forecasts, reviewed the New Prosperity Project, starting with the 2013 construction phase and ending with the anticipated 2036 closure of the mine. The conclusions of the report suggest long term contributions to national, provincial and regional economies, including a significant increase in federal and provincial revenues and sustained job growth.
On June 6th, 2011, Taseko Mines responded to an invitation by the Federal government of Canada to submit a revised proposal for the development of its Prosperity Gold and Copper deposit in BC. New Prosperity, the company's revised plan, includes an additional $300 million in capital investment to limit the mines environmental impact, notably the preservation of Fish Lake.
Highlights of the C4SE report on New Prosperity, released today, include the following:
An increase in employment of 71,000 jobs
Federal government revenues rise by $4.30 billion
Provincial BC government revenues rise by $5.52 billion
Consumer spending increase of $9 billion
Production revenues in excess of $11 billion
An increase in Real GDP of $11 billion
Residential investment expenditure increase of $786 million
Non-residential construction investment increases of $1.03 billion
Investment in machinery and equipment (by others) to increase by $1.38 billion
The population of BC to rise by 5,400
"New Prosperity offers significant benefit for people, including First Nations - new jobs, new opportunities for business and new revenues for governments, all of which will boost the economy and help fund essential public service. In New Prosperity we have fully addressed federal concerns as identified in the first environmental assessment. We have the full intention of building New Prosperity and anticipate an appropriately efficient and timely assessment of the new design elements," said Mr Hallbauer, President and CEO of Taseko Mines.