New mines in BC could have economic impact of $800B, study claims
kelownanow.com
New mines in British Columbia could have a long-term economic impact of close to $800 billion, according to a new study.
The president of the Mining Association of British Columbia (MABC) said building 14 new mineral mines and extending two others could be a “generational opportunity” for the province and make it “a leading global supplier of responsibly-produced critical minerals.”
Those mines would extract the likes of niobium, nickel, gold, copper, cobalt and molybdenum – minerals in demand as the world transitions away from fossil fuels.
The MABC’s study – which represents coal, metal and mineral producers in the province – said the 16 new mine developments would bring $36 billion in “near-term investment.”
In the long-term, meanwhile, the study said the mines could be responsible for $791.7 billion of economic output, with $183.8 billion of labour income.
Photo credit: MABC
The proposed sites.
They would also create tax revenues of $154.5 billion over the years of their operation, the study, which was conducted by Mansfield Consulting, claimed.
But Michael Goehring, MACB’s president, said the BC government would have to back the plans to make them a reality.
“The realization of benefits from these critical mineral projects is dependent on BC having competitive fiscal and regulatory policies that will attract the investment necessary to grow and sustain the sector.
He added: “The provincial government’s forthcoming critical minerals strategy is fundamental to these efforts.”
According to the International Energy Agency, the world will need another 50 lithium mines by 2030 if international targets related to electric vehicles are to be met.
It will also need 60 new nickel mines, 17 cobalt mines and hundreds of other mines adding up to a total of 388 new projects.
But only 70 metal mines are operational in Canada, prompting the Fraser Institute to warn in November of a “significant risk” that EV targets could be missed.
“This is a generational opportunity which must be seized and could position BC as a leading global supplier of responsibly-produced critical minerals,” Goehring said.
“We want to move forward with the Governments of Canada and British Columbia, First Nations, local governments, and labour, to unlock critical mineral developments for the benefit of all British Columbians.”
He added: “With the right government policy, these critical and precious mineral projects would further advance the mining and smelting sector’s foundational role in BC’s economy which includes well-paid family-supporting jobs and opportunities for service and supply businesses in both rural and urban communities,” added Goehring.
In a press release publicizing the study’s findings, MABC included quotes from a number of other organizations that support the expansion of mining in BC.
Among them were the BC Chamber of Commerce, United Steelworkers (District 3), the Greater Vancouver Board of Trade and Chief Wille Sellers of the Williams Lake First Nation.
Sellers said mining “can have massive economic benefits” for both BC and First Nations.
He added: “The potential development of critical minerals is worthy of consideration, if done right and with the input and involvement of First Nations on whose land the mineral resources are found.
“Economic reconciliation is about levelling the playing field; now is the opportunity to be a part of that together.” |
