The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Mining in northern British Columbia has a rich history dating back over 150 years, providing jobs, supporting families and stimulating investment and economic opportunities throughout the region.
Last year, exploration expenditures in the North totalled more than C$242 million, with 184 projects. As we see the signs of recovery in our economy, we are keenly aware of the importance of mining for the northern part of our province and are working to ensure it remains strong.
As one of the top jurisdictions in the world for mining, B.C. is proud to be ranked among the best for the quality of our geological databases. With a growing inventory of more than 12,000 mineral occurrences, we are stimulating the economy and creating jobs by encouraging investment and making B.C. more competitive.
The B.C. government is committed to implementing new policies to help keep mining strong, generating new investment and ultimately creating more, better-paid, long-term and sustainable jobs for British Columbians.
Over the past eight years, a number of steps have been taken to support the mining sector in B.C. In the most recent budget, we extended the Mining Flow-Through Share Tax Credit to Dec. 31, 2010. Last year, we established the Minister's Council on Mineral Exploration and Mining to ensure that industry and First Nations are informed and involved in the formation of public policy. We implemented Resource Revenue Sharing with First Nations on new and expanded mine projects, and we continue to aggressively pursue federal and provincial regulatory streamlining because we understand how critical it is for a healthy industry, economy and province.
One major initiative that will open up mining opportunities in the North is the Northwest Transmission Line, a C$400 million project that would carry power 358 kilometers from Terrace north to Bob Quinn Lake. It's also a green solution, helping to support communities as they transition away from diesel generation and reduce greenhouse gas emissions.
Expanding transmission along Highway 37 could stimulate thousands of jobs and billions of dollars in economic activity. The B.C. government has already invested C$10 million to support the environmental assessment and First Nations consultation process, and with a further commitment of C$250 million on the table, we're working to secure the additional financing to make this project a reality.
Another initiative that has significant benefits to the mining sector is the Harmonized Sales Tax, to be adopted in July 2010. The HST will result in estimated savings of C$80 million for the mining and oil and gas sectors, which will help create more jobs and generate long-term economic growth for the mining industry. It also will provide significant benefits to B.C. export industries, such as mining, by further reducing mine operating and capital costs. Mining also will see savings through recovery of indirect sales tax payments, reduced compliance and other administrative costs.
To ensure that there are skilled mine workers available, British Columbia has contributed more than C$4.8 million for mining education and skills training for rural communities and First Nations since 2005. The Province, along with the federal government, funded the Reclamation and Prospecting Program, a three-year pilot project that provided youth from rural First Nations communities with the knowledge and skills to find employment in the mining industry. An additional C$2 million was contributed in April 2009 to support the continued development and leadership and employment skills in First Nations communities in northern B.C.
The mining industry in the North is resilient. Despite a decline in pricing from 2008, base metal prices remain strong as do prices for precious metals such as gold and silver, spurring investor interest. We're seeing continued exploration and development in the North, including the Yellowjacket Joint Venture in Atlin and the advancement toward production of the Terrane Metals Mt. Milligan Project. These are positive steps, and the B.C. Government is working to further stimulate investment in northern B.C. and throughout the province.
Mining is critical to B.C.'s economic future, and we're working today to ensure it remains a vital, sustainable industry. The past 12 months have been extremely challenging - for families, for communities, for business, for industry. As we begin to see signs of a recovery, the time is right to renew and reinvigorate the spirit of confidence and pride that has always been part of our identity as British Columbians.
We are investing in communities throughout British Columbia - creating jobs, supporting families and generating new economic activity - and taking steps to position the province and the mining industry for renewed economic opportunity and well being.
The Honorable Randy Hawes is Minister of State for Mining in British Columbia.
Reader Comments(0)