Taseko Mines has received a 25-year mining lease from the provincial government of British Colombia for its Prosperity gold-copper project.

The Canadian company said the long-term and renewable lease will give it mineral tenure security.

Taseko is planning an open pit mine at Prosperity that will produce an estimated 250,000oz of gold and 115 million pounds of copper annually over 33 years.

The company has already secured 80% of the $800m funding required for the mine.