Companies skeptical about Taseko's "Prosperity"
March 23, 2011
A few politicians in British Columbia may still be pushing for the mine that would destroy Little Fish Lake and threaten Fish Lake with contamination without the consent of First Nations. But some companies have doubts and concerns about Taseko Mines and its "Prosperity" project.
Credit Suisse downgraded their investment rating for Taseko Mines this week based in part on the prospects for "Prosperity." The bank noted that the "project is likely to require extensive review and consultation prior to environmental approval, and we believe this could take several years." Credit Suisse downgraded Taseko Mines from "Neutral" to "Underperform."
Earlier this month, groups also called on Credit Suisse to decline any Taseko financing requests for the mine at Fish Lake. Earthworks joined MiningWatch Canada in presenting the concerns of the Tsilhqot'in and others about the mine project. The groups wrote to Credit Suisse to explain that financing of the mine would cause unacceptable reputational risk for the bank.
Credit Suisse is not the only company taking a critical look at Prosperity. Rideau, a Canadian maker of gold medals, is "publically opposing the Prosperity mine" and wrote to Canadian officials to express the company's concerns and objections to the project.
- Read the press release of First Nations Women Advocating Responsible Mining about the group letter to Credit Suisse.
- Read the Earthworks and MiningWatch Canada joint press release on the call for Credit Suisse to not invest in the project.
- Earthworks/MiningWatch Canada joint letter to Credit Suisse
- "MiningWatch Canada's backgrounder on the Prosperity Mine proposal.