The Mining Association of British Columbia (MABC) has commissioned an independent economic impact analysis that reveals 16 proposed critical mineral mines in the province are at a critical juncture.
These mines hold the potential to generate C$11 billion in tax revenues, C$36 billion in near-term investment, and 300,000 person-years of employment.
BC is considered a major mining jurisdiction worldwide, with two smelters, seven steelmaking coal mines, and ten metal mines currently in operation.
According to MABC, BC is the country’s top producer of copper and coal used to make steel. Its second-largest producer of silver, and its sole producer of molybdenum.
A Mansfield Consulting study that looked at 14 possible critical mineral mines and two mine extensions estimated that operating these mines over several decades could have a long-term economic impact of almost C$800 billion ($599 billion).
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The British Columbia mining permit process is notorious for its protracted delays. And the province government has stated that finding solutions is a priority. This is despite Canada’s aspirations to become a more significant player on the global stage in terms of critical minerals supply.
Benefits from these important mineral projects will only materialise if British Columbia adopts competitive fiscal and regulatory measures that draw in the capital required to expand and maintain the industry.
The upcoming critical minerals strategy of the province government is essential to these initiatives. According to a statement released on Monday by MABC CEO Michael Goehring.
“We must take advantage of this once-in-a-generational opportunity to establish British Columbia as a top global provider of vital minerals that are responsibly produce.
For the benefit of all British Columbians, we want to advance critical mineral developments in collaboration with the governments of British Columbia and Canada, labour unions, First Nations, and local governments, Goehring stated.
She also mentioned that the proposed critical mineral projects present chances for First Nations collaboration to promote economic self-determination and reconciliation.
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The research evaluated the financial advantages of developing five suggested precious metal mines, among them one for gold.
The projected precious metals mines would have a cumulative long-term combined impact of more than C$29.5 billion over the course of their lifespan, producing over 96,000 person-years of employment and C$5.3 billion in tax revenue.
The world’s top gold project is Seabridge Gold’s Kerr-Sulphurets Mitchell (KSM) project in British Columbia’s renowned Golden Triangle. However, the last new gold mine to go into output was the Brucejack. One of the highest grade gold mines in the world, which started operations seven years ago.
“Under the correct government policies, these vital and valuable mineral projects would further strengthen the mining and smelting industry’s fundamental role in British Columbia’s economy, which includes opportunities for supply and service businesses in both rural or urban communities as well as well-paying jobs that support a family,” Goehring stated.