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Vancouver Sun
07-05-2025
- Business
- Vancouver Sun
Mining association heralds $90 billion in potential projects to seize moment of national interest
The Mining Association of B.C. says the industry has a once-in-a-generation opportunity to boost public support for new mines, and it touting $90 billion worth of potential projects at a time other big projects are winding up construction. A year ago, the association published a list of 17 potential projects at some stage of environmental review and approval, four of which have already been singled out by the province for fast-tracking under the promise Premier David Eby made to kickstart resource projects to defend B.C.'s economy. The mining association has expanded that list to 27 in its latest forecast, which CEO Michael Goehring said was a response to 'unprecedented economic uncertainty that we're facing here in B.C. and Canada.' Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'What we did find was that the economic potential of these 27 projects is substantial, actually it's staggering,' Goehring said, noting that if even half the projects were to go ahead 'that's $45 billion in economic activity across British Columbia.' The mining association's challenge to government is to make good on its promises to expedite permitting and bolster the consultation process to give First Nations the chance for meaningful participation in review processes and help unlock what Goehring called a 'generational opportunity.' 'B.C. has what the world needs, but mining has what B.C. needs,' he said. 'In the current climate of economic security, B.C.'s mining sector has the ability to secure a stronger, more stable and resilient economic future for all British Columbians.' The catch is that many of the projects exist only as potential mineral deposits that have been singled out by prospecting and exploration. They'll need more exploration work and favourable global markets, among other factors, to reach production, according to experts. 'We need to be cautious in saying that all of these could advance,' said John Steen, director of the Bradshaw Research Initiative in Minerals and Mining at UBC, noting that going from discovery of a deposit to an operating mine can take decades. Some of the most time-consuming steps — environmental reviews and permitting of new mines — are things the province has promised to speed up in a bid to boost mining as economic security against U.S. tariffs and President Donald Trump's threats to Canadian sovereignty. And in seizing a moment when new Prime Minister Mark Carney also heralded Canada's critical mineral potential promising a 'one project, one review' process, Goehring said his association wanted to 'take a fresh look at all of the mining projects currently on the books.' The mining association is taking its revised economic impact study on tour of major business associations. Last Friday, Goehring spoke at the Minerals North conference in Prince George. Tuesday, he brought the document to the Greater Vancouver Board of Trade for the mining association's annual keynote event and to a panel convened for an episode of Conversations Live on The Vancouver Sun's website. In the immediate moment, with projects such as the $40 billion LNG Canada development and B.C. Hydro's $16 billion Site C dam winding up construction, Goehring said there is an impetus to move ahead quickly with mining. The federal government has already been promoting mining as the means to embrace the climate-related transition to renewable energy with the critical minerals strategy it unveiled in 2022. Goehring, speaking to a full ballroom audience at the Fairmont Hotel Vancouver, said he would like to give governments an A grade for the things they've been saying in commitments to speed up mine permitting. 'However, at this point I have to give them a grade of 'incomplete' when it comes to actually shortening those approval timelines,' Goehring added. 'Because we have been talking about this for a long time.' First Nations, meanwhile, have raised concerns about whether fast-tracking projects can be accomplished while respecting Indigenous rights. The Assembly of First Nations regional chief, Terry Teegee, has acknowledged the need to counter 'bullying behaviour of the United States,' but said development must align with the Declaration on the Rights of Indigenous People's Act. Goehring said Tuesday that mining 'can be a rising tide for First Nations' by providing jobs and opportunities in far-flung communities, but both industry and government have to make sure Nations have the capacity to take part in decision making 'on a level playing field.' Steen said the convergence of events create mixed conditions for the prospects for mining. The energy transition does boost long-term demand for a lot of the minerals that B.C. produces, such as copper. In the short-term, the uncertainty sowed by the U.S. trade war does boost prospects for gold miners as investors flock to the so-called 'safe haven' investment, Steen said. The risk of recession, however, will make it harder for projects seeking to develop base metals such as copper and nickel. depenner@
Global News
07-05-2025
- Business
- Global News
Mining sector seeks to expand its economic footprint in B.C.
British Columbia's mining industry says it hopes to contribute more to the province's economy. 'There are three things we need to do here in British Columbia,' Mining Association of B.C. president and CEO Michael Goehring told the Greater Vancouver Board of Trade. 'Accelerate mine permitting, support First Nations capacity and partnerships and invest in and expand our electricity grid.' Currently, the industry contributes an estimated $ 18 billion in economic activity. 1:45 Price of gold hits record high, providing opportunity for B.C. mining industry The Mining Association of B.C. says there are 27 mining projects in advanced stages of development, representing $90 billion in economic activity. Story continues below advertisement A study done for them by Mansfield Consulting claims the projects would generate $27 billion in labour income, with operations estimated to reach $984 billion in economic activity. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The province says it's trying to expedite permitting. 'We are working on it to ensure that we have fixed timelines when it comes to the mining permitting process so that we can provide certainty and stability for this sector,' Mining Minister Jagrup Brar said. 1:39 B.C. government to fast-track major resource projects and mines Also pushing for a speedier process, along with environmental protections, are the BC Conservatives. 'I know that these companies that are out there now, they have the technology to be able to do this properly, and they have the right technology and know-how to be able to protect the environment,' Mining Critic Pete Davis said. Story continues below advertisement As tariff threats continue, the industry sees itself as well placed to lead economically and strategically. 'We're uniquely positioned to play a central role in providing Canada's allies and partners with critical minerals, precious metals and steel-making coal they need,' Goehring said.
CBC
28-01-2025
- Business
- CBC
B.C. premier vows pandemic-style tariff relief that could include loans and unemployment aid
Premier David Eby says protecting British Columbians from the potential impact of U.S. tariffs will be taken as seriously as the relief response to the COVID-19 pandemic. He says every decision being taken by his ministers, including plans for next month's budget, will be made through the lens of a "potentially protracted trade war." U.S. President Donald Trump has threatened to impose 25 per cent tariffs on Canadian goods starting Feb. 1, and his press secretary, Karoline Leavitt, told reporters at the White House on Tuesday the plan was "still on the books" for that day. Eby says a package of relief could include pandemic-style "employment insurance" as well as grants and loans to get businesses through the impact of the tariffs on B.C., which could be more serious than the 2008 recession. "I think there's still time for President Trump to work with us because there is a strong desire on the part of the premiers and the federal government to address the concerns the president has raised," he told reporters on Tuesday. "This isn't a fight we asked for. We don't want it, we don't need it, but we are willing to respond to these tariffs proportionately and as is required. We're willing to fight for our country." Eby said every decision his ministers are making, including plans for next month's budget, is being made through the lens of a potentially "protracted trade war." The B.C. government had previously estimated that the tariffs could result in the province losing about $69 billion by 2028, the entire length of a Trump presidency. An estimated 54 per cent of B.C.'s exports go to the U.S., according to provincial figures, making it British Columbia's biggest trading partner. About 14 per cent of B.C.'s exports go to China, 11 per cent to Japan, and 10 per cent goes to other jurisdictions in Asia. It's projected the tariffs would also result in 124,000 fewer jobs in B.C. over the next three years, causing the unemployment rate to increase to 6.7 per cent in 2025, and 7.1 per cent next year. WATCH | Mining association forecasts impact of tariffs: Tariffs an 'existential threat' to Canada's economy: Mining Association of B.C. 12 days ago Duration 2:04 Michael Goehring, the president and CEO of the Mining Association of B.C., says Trump's threatened tariffs of 25 per cent could trigger a recession. He tells BC Today host Michelle Eliot government leaders need to stress the importance of B.C.'s provision of crucial minerals to the U.S. in their negotiations with the Trump administration. The 2008 global financial crisis threw B.C.'s economy into reverse, going from three per cent growth in 2007 to a 2.3 per cent contraction in 2009, according to the province's annual financial and economic reviews. It was the first contraction in GDP since 1982, with 54,900 jobs lost from 2008 to 2009 as unemployment spiked to 7.6 per cent and retail sales plunged. Eby says every harm inflicted on British Columbians should be "met and matched" with a response to the United States. He says he would support matching tariffs on U.S. goods and that any funds collected should be "immediately deployed" to help businesses survive and diversify their markets beyond the United States. Eby says the province will hope for the best and prepare for the worst as it waits to see exactly what form the U.S. tariffs will take. "We're going to make sure that we have the resources available to support people, whatever the consequences are," he said. "There's always the possibility that we don't see those kinds of impacts, or we don't see the tariffs, or they're different than advertised. You just never know."
