Monday is Mining Day, an annual opportunity for senior mining representatives to connect with B.C. government leaders to discuss the issues facing one of the province’s most important industries.
Budget 2020 reinforced the Province’s commitment to implementing the Mining Jobs Task Force and to supporting the competitiveness of the mining sector. The new mine allowance under the Mineral Tax Act has been extended for five years, to the end of 2025.
“Mining is a foundational industry in B.C. that supports communities and creates good jobs for people throughout the province,” said Bruce Ralston, Minister of Energy, Mines and Petroleum Resources. “Building on the work of the Mining Jobs Task Force, we are taking action to attract new investment, drive innovation in the sector and ensure British Columbia remains a world-class mining jurisdiction.”
Budget 2020 will also make it easier for industry to invest in clean, low-carbon technologies. Businesses in the mining and resource industries can now obtain machinery and equipment for pollution control and waste management without paying provincial sales tax, regardless of where it will be used. Previously, this exemption was subject to geographic constraints.
“B.C.’s mining industry is a world-leading provider of responsibly produced, low-carbon metals and minerals that are essential for a cleaner future and create economic and social benefits for all British Columbians,” said Michael Goehring, president and CEO of the Mining Association of British Columbia. “Our message to government and the public on Mining Day is simple: improving British Columbia’s ability to compete and succeed in global markets will lead to more economic opportunities and high-wage jobs in B.C., more opportunities to advance economic reconciliation with Indigenous communities and more government tax revenues to support the public services we all value.”
The Province’s tax incentives for mineral exploration, focus on permitting efficiency and global reputation for environmental responsibility make B.C. an attractive place for investment. The Province has seen significant investments in mining operations over the past two years.
In his recent mandate letter from the Premier, Ralston was tasked with taking further action to strengthen the mining sector. He was directed to prioritize work on regulatory efficiency initiatives, with a focus on expedited permitting processes and reconciliation in the mining sector. Ralston was also mandated to further connect the technology and innovation sector with industries, such as mining, and to showcase made-in-B.C. technologies that are contributing to industrial competitiveness or helping to reduce emissions.
- Mining and related sectors in B.C. provide jobs for more than 30,000 people throughout the province and have a production value of more than $9 billion.
- In 2018-19, the B.C. mining industry paid over $400 million in mineral taxes to the Province.
- Over 3,700 B.C. suppliers around the province provide $2.9 billion worth of goods and services to B.C. mining operations.
- The mining sector in B.C. pays an average annual salary of $117,000; higher than forestry, manufacturing, finance and construction.
The Mining Jobs Task Force report and recommendations are available online: https://www2.gov.bc.ca/assets/gov/business/natural-resource-industries/mineral-exploration-and-mining/memp_10535_task_force_report_final-rev.pdf
Ralston’s mandate letter is available here: https://www2.gov.bc.ca/assets/gov/government/ministries-organizations/premier-cabinet-mlas/minister-letter/ralston-mandate-2020.pdf