British Columbia’s mining sector could generate as much as $90-billion in economic activity from 27 projects currently in advanced stages of development, according to a study commissioned by the Mining Association of British Columbia (MABC).
The association is calling for swift action to clear regulatory bottlenecks and unlock the province’s mineral wealth at a time of global trade turbulence and economic slowdown.
“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,” said MABC president and CEO Michael Goehring.
Prepared by Mansfield Consulting, the study estimates that building these 27 projects – which include 18 critical mineral, six precious metal, and three steelmaking coal mines – would inject over $41-billion in near-term investment into the provincial economy. It forecasts $27-billion in labour income and more than $12-billion in tax revenue through mine construction alone. Suppliers across British Columbia stand to gain as well, with mine developers expected to spend $20-billion on goods and services across the province.
Once in operation, the cumulative economic contribution of these projects could reach $984-billion over several decades, the report says.
“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,” Goehring said. “Persistent permitting delays must be addressed to accelerate the development of mining.”
British Columbia’s producers are already known for having among the lowest carbon footprints globally and for supplying responsibly produced materials critical to everything from electric vehicles to wind turbines and medical devices.
“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,” Goehring added.