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Mining generated C$18 billion for BC economy in 2022 – report

The British Columbia mining industry contributed C$18 billion in economic activity to the province’s economy in 2022, a 40% improvement over the figure in 2021 and 46.3% higher than the C$12.3 billion reported for 2018.

The activity in 2022 included C$3.7 billion from the province’s mines and smelters, which purchased materials, goods and services from thousands of businesses, according to The Mining Association of British Columbia’s (MABC) ‘One Province, One Economy’ report, released on Thursday.

“Mines and smelters provide thousands of well-paying family-supporting jobs and they sustain a large supply chain of nearly 4,000 small and medium-sized businesses in urban centres, small towns and an increasing number of First Nations communities,” MABC president and CEO Michael Goehring said in a statement.

Sponsored by the MABC and the Mining Suppliers Association of B.C. (MSABC) and prepared by iTOTEM Analytics, the report flags Metro Vancouver as making the lion’s share contribution, with 1,125 mine suppliers in 18 communities receiving C$1.4 billion.

The mining sector supported 200 urban, rural, and First Nations communities. Among the rural municipalities, Kamloops, Prince George, and Sparwood stood out with substantial purchases totalling C$377 million, C$237 million, and C$188 million, respectively.

The report emphasized the sector’s engagement with First Nations, with 150 affiliated businesses providing goods and services worth approximately C$520 million, a C$65 million increase from the C$455 million recorded in 2021, reflecting the growing involvement of First Nations in the mining supply chain.

BC’s mining sector also contributed to community investments, with C$5.7 million distributed to about 260 community and First Nations organizations in 2022. The province’s potential in critical mineral projects is immense, with 16 of them in advanced stages of development, signalling C$36 billion in new investments.

These projects, alongside five new precious metal mines, reflect nearly C$2 billion in additional investments, showcasing the sector’s pivotal role in economic development and clean energy transition.

Source: MINING.COM – Read More