KGHM doesn’t secure environmental approval for Canadian project

British Colombia authorities announced that they will not be issuing an environmental certificate for its Ajax copper and gold mine, owned by WSE-listed KGHM. British Columbia said on Thursday the adverse effects of the project would outweigh any benefit. The province’s decision follows a seven-year joint review by provincial and federal regulators, which found that the project would have 53 residual and cumulative adverse effects, 21 of which were considered of moderate to high magnitude. Those effects include, close proximity to city limits (10km from Kamloops) and its “high importance” to local First Nation groups and its development would have a significant effect on their heritage and right to use the land for traditional purposes. KGHM, which owns 80 percent stake in the project (with Abacus Mining holding remaining ones said that it will review the ruling and “consider next steps, which may include judicial review.”