British Columbia has a chance to become a leading global supplier of responsibly-produced critical minerals, according to a new study commissioned by the Mining Association of British Columbia (MABC).
The study, conducted by Mansfield Consulting, examined the economic impact of 14 potential critical mineral mines and two mine extensions in the province. Critical minerals are essential for the production of clean energy technologies, such as electric vehicles, wind turbines, and solar panels.
The study found that these projects could generate C$36 billion in near-term investment, 300,000 person-years of employment, and C$11 billion in tax revenues. Over their lifespan, the long-term impact could reach nearly C$800 billion, creating over 1.2 million person-years of employment and C$32 billion in tax revenues.
The study also assessed the benefits of five proposed precious metal mines, including gold. These projects could add C$29.5 billion to the economy, create over 96,000 person-years of employment, and generate C$5.3 billion in tax revenues.
MABC CEO Michael Goehring said that the study shows the potential of the mining sector to contribute to the province’s economic recovery and environmental goals.
“This is a generational opportunity which must be seized and could position BC as a leading global supplier of responsibly-produced critical minerals,” he said in a statement. “We want to move forward with the Governments of Canada and British Columbia, First Nations, local governments, and labor, to unlock critical mineral developments for the benefit of all British Columbians.”
However, Goehring also warned that the realization of these benefits depends on having competitive fiscal and regulatory policies that will attract the necessary investment. He said that the provincial government’s forthcoming critical minerals strategy is fundamental to these efforts.
The study comes at a time when the global demand for critical minerals is expected to increase significantly in the coming years, as countries transition to a low-carbon economy.Â
BC is Canada’s leading producer of copper and steelmaking coal, the second-largest producer of silver, and the only producer of molybdenum. The province also has significant deposits of rare earth elements, lithium, cobalt, nickel, and platinum group metals.
The study highlighted some of the proposed critical mineral projects in BC, such as the KSM gold-copper project, the Blackwater gold-silver project, the Turnagain nickel-cobalt project, and the NICO cobalt-gold-bismuth-copper project.
These projects not only have the potential to create economic and social benefits but also to advance environmental and climate objectives, the study said. For example, the KSM project could reduce greenhouse gas emissions by using hydroelectric power and electric vehicles. In contrast, the NICO project could produce cobalt, a key ingredient for batteries, with a low carbon footprint.
The study also noted that the proposed critical mineral projects create opportunities for First Nations partnerships to advance economic reconciliation and self-determination. Many projects have signed agreements or memorandums of understanding with the local First Nations communities, and some have majority or joint ownership by First Nations.
The study concluded that BC has a unique opportunity to leverage its natural resources, skilled workforce, and innovation capacity to become a global leader in producing critical minerals that are vital for the future of humanity.
Source: Mining.com
