The blow that the Mount Polley mine tailings-pond collapse has dealt to the confidence of B.C. First Nations in mine safety may be the biggest challenge facing the industry following the incident. Mine owner Imperial Metals Corp. experienced an immediate financial hit — its share price plummeted about 40 per cent on news of the failure and of the mine’s indefinite closure, slashing the market value of the company to $760 million from $1.26 billion before the spill.

Mining is a key pillar of Premier Christy Clark’s economic platform, and one new mine slated to be opened later this year is Imperial’s $500-million Red Chris copper-gold mine in B.C.’s remote northwest.

But a statement posted on the website of the region’s Tahltan Central Council late Wednesday suggested Imperial could also be facing trouble on the Red Chris front as a result of the Mount Polley situation.

The online message from Tahltan Central Council president Chad Day states that Red Chris does not have all necessary permits to open, and that an impacts-and-benefits agreement with the Tahltan First Nation has yet to be signed.

“This latest news obviously means we have new questions and concerns that we must discuss with Imperial Metals about the tailings ponds at Red Chris,” Day said.

Red Chris — the first mine to tap into the province’s Northwest Transmission Line — is in the final stages of construction, and one of the last items Imperial needed to check off was a benefits agreement with the Tahltan.

Even as mining industry groups expressed confidence that the market hit to the industry will be short-term, representatives of other First Nations organizations denounced what they view as an eroded regulatory regime and vowed that the co-operation of their communities on resource development will depend on shoring that up.

“The hill has become much, much steeper,” said Grand Chief Stewart Phillip, head of the Union of B.C. Indian Chiefs.

“Clearly (the aftermath) is going to focus attention on the environmental protection dimension of any and all (development) proposals in the long term.”

And First Nations believe they are holding a much stronger card following the recent Supreme Court of Canada’s Tsilhqot’in decision that more closely defines exactly what aboriginal title is and how governments, along with industry, must accommodate the title interests of First Nation communities.

“It’s not just up to governments anymore to make decisions,” said Ed John, Grand Chief of the First Nations Summit.

John said the Supreme Court’s Tsilhqot’in decision requires that consultations between governments and First Nations over development end up with an aboriginal community’s consent.

And if governments can’t demonstrate a stronger commitment to environmental protection, “they’re not likely to get consent for any development project.”

He said agreements in the future will require that First Nations see evidence that actions are taken to increase environmental enforcement and monitoring, “not just words.”

“They can’t simply brush (the Mount Polley disaster) aside,” Phillip added. “There needs to be serious consequences.”

Energy and Mines Minister Bill Bennett acknowledged that “we are going to have to show some action very quickly.”