Taseko Mines, the Tŝilhqot’in Nation, and the Province of British Columbia (BC) in Canada have jointly announced an agreement resolving a long-standing dispute over the New Prosperity mineral tenures.
Located about 125km southwest of Williams Lake in the Tŝilhqot’in territory, the New Prosperity site is one of Canada’s largest copper-gold deposits, containing substantial copper and gold reserves. The newly signed agreement concludes years of litigation among these parties and outlines a collaborative future for the development of this mineral resource.
As part of this resolution, Taseko Mines will receive C$75m ($54.8m) from the Province of British Columbia. Additionally, Taseko will place a 22.5% equity interest in the New Prosperity mineral tenures into a trust benefiting the Tŝilhqot’in Nation.
The trust will transfer this interest to the Tŝilhqot’in Nation should they approve future mineral development proposals in this area.
Taseko maintains a 77.5% majority interest but has committed not to lead exploration or mining operations at New Prosperity and can sell its interest to other mining firms with the consent of the Tŝilhqot’in Nation.
Taseko president and CEO Stuart McDonald said: “This agreement resolves a damaging and value-destructive dispute, and acknowledges Taseko’s commercial interests in the New Prosperity property and the cultural significance of the area to the Tŝilhqot’in Nation.”
The agreement emphasises consent from the Tŝilhqot’in Nation as crucial for any future exploration or development activities. A consent agreement mandates that no activities can commence without their explicit approval.
Both the Province of British Columbia and the Tŝilhqot’in Nation will establish procedures to ensure that any proposed mining project undergoes an environmental assessment process with necessary community consent.
Furthermore, British Columbia and the Tŝilhqot’in Nation have agreed to initiate a land-use planning process within the mineral tenure area and beyond, with funding provided for both planning and a cultural revitalisation fund.
This agreement is subject to standard closing conditions expected to be met this month.
British Columbia Minister of Mining and Critical Minerals Jagrup Brar said: “Resolution of this legal and public conflict has been a priority for this government. These negotiations, which began under the previous mandate, laid important groundwork.
“The agreement demonstrates BC’s commitment to reconciliation and ensuring that the interests of First Nations and mining companies can advance together.”
The agreement marks a significant step in addressing historical conflicts stemming from previous project proposals by Taseko Mines. Initial plans for a copper-gold mine, known as Prosperity, were proposed in 2008 but faced opposition due to environmental concerns and indigenous rights issues.
Despite receiving provincial approval in 2010, federal approval was denied, leading to revised project plans under the name New Prosperity. However, federal authorisation was again denied in 2014.
Subsequent legal actions involved complex considerations of environmental assessments, indigenous rights, and provincial permits. In 2019, legal proceedings were paused to facilitate confidential discussions leading to this agreement.
