Taseko Mines Stock Price Plummets

Well I have to feel a bit sorry for the shareholders of Taseko Mines after seeing this:

That says it all, doesn't it? I thought this looked pretty bad, but notice it's just this week.

Here is a five year stock chart for Taseko:

Doesn't look so bad really. They've been up and down before.  The discussion now from the business community is around BC not being mining friendly.  My thought is that this is a good message to the mining industry and business in general 

• the land has value all on its own and a mine doesn't necessarily mean a positive return to society, and
• First Nations people count, their opinions and their values count.

Interesting, too, that the Mount Milligan mine has gotten the OK from the federal government. To me that is balance. They say the Mt Milligan mine is designed to minimize damage to the environment, whereas the Prosperity Mine never was. 

Ecological Economics

There has been some good articles on Ecological Economics lately. Ecological Economics isn't just a fancy new term, it's placing a value on the environment to compare with something like a Prosperity Mine. And what it tells us is that an area the size of the Prosperity project does not outweigh the value of a mine, especially when you add in the massive risk of things like acid mine drainage leaking from the lake-cum-tailings pond. 

It is a very human-centered way of looking at the world, but it tells us that the environment provides us with services like clean air, fish, grizzly bears, clean filtered water and so on, and a value can be placed on all of this. 

To my way of thinking, mining companies need to come to grips with this way of thinking. Ensuring a mine's value outweighs (or possibly even improves...) the value of all the services provided for free should be their starting point. Telling society that the mine must be developed or we'll all suffer is old school and blackmail. 

Try Listening Next Time

I like this quote from Marilyn Baptiste on Reuters:

"We hope today's decision will demonstrate the need to find a way forward for industry and governments to work with First Nations from the outset to identify and develop projects that are environmentally and culturally acceptable," said chief Marilyn Baptiste of the Xeni Gwet'in First Nation, in a statement.

Good on her.