Mining Could Benefit British Columbia in Canada
- Business Companies Mining World
Global Business Magazine- 4 minutes read
As many as 27 mining projects, representing $65.08 billion in economic activity have the potential to deliver major benefits for British Columbia (BC) and Canada at a time of global instability, a slowing provincial economy and mounting fiscal challenges, an independent economic impact study by Mining Association of British Columbia (MABC) said.
MABC’s President and CEO Michael Goehring said that BC has the minerals, precious metals and steelmaking coal the world needs. Mining has the potential to drive a new wave of economic growth – creating jobs, strengthening local and First Nations communities, and generating revenues for government services.
The study examined 27 mining projects in advanced stages of development and concluded the near-term economic impact of their construction represents over $29.65 billion in near-term investment, thousands of jobs that will generate $19.52 billion in labour income, and more than $8.68 billion in tax revenues.
“Mine construction will result in $14.46 billion worth of goods and services being purchased from mine suppliers across the province,” the study said.
Operating These Mines
The study also estimated the operation of these mines over several decades could reach $711.56 billion in economic activity.
“BC and Canada must take urgent and bold action to assert our economic sovereignty amidst global trade disruptions and the potential for escalating trade wars. Persistent permitting delays must be addressed to accelerate the development of mining,” Goehring said.
British Columbia’s mineral producers have among the lowest carbon footprints globally and are world leading suppliers of responsibly-produced materials, essential for technologies like EV batteries, smartphones, MRI scanners, wind turbines, and jet engines.
“The responsible development of BC’s critical minerals, precious metals, and steelmaking coal resources can secure BC’s economic future, resiliency and long-term prosperity. It’s time to get more mines built,” he added.
MABC engaged Mansfield Consulting Inc. to conduct the study to assess the potential economic impact of 18 proposed critical mineral, six precious metal, and three steelmaking coal mine projects in BC.
All projects were in advanced stages of development and the data for the study were collected from interviews, technical reports, economic assessments, and feasibility studies published by the proponents and available on the SEDAR website.
British Columbia has 17 new critical mineral mining projects in the works, including for copper, nickel and molybdenum, which is used to make steel alloys. Seven projects will mine gold, which the federal government doesn’t include on its list of metals deemed critical.
