Mining Association of BC top executive joins community of Canada’s most...
“Mining remains a major driver of development and sustained economic activity throughout the province, where it offers employment, education and economic growth opportunities that may otherwise be difficult to achieve and in some cases, may not have existed”
Karina Brino, President & CEO, Mining Association of BC
Mining, by its nature, drives regional economic development and the growth of international trade and investment. According to PwC’s annual mining survey report: Forging Ahead: The mining industry in British Columbia 2011, released in May 2012, results “continued to reaffirm how important the mining industry is to the provincial economy”.
Gross mining revenues for the BC mining industry in 2011 were reported as $9.9 billion. This $2.0 billion increase from the previous year, 2010, was due primarily to higher metallurgical coal prices and an increase in the number of coal shipments. Adding to this jump in revenues, the industry “stimulated the economy with an additional $3 billion in overall direct industry expenditures”. In 2011 the BC mining industry made total payments to the government of $805 million, an increase of $114 million from payments made in 2010.
The average number of individuals employed by the BC mining industry in 2011 increased to 9,310 compared to 8,195 in 2010. The average employee earnings also showed an increase - $115,700 per employee up from $108,100 in 2010.
The Mining Association of BC commissioned a report by PricewaterhouseCoopers, published in late 2011, called, Economic Impact Analysis, defining the economic impact of mining in British Columbia. Conclusions from this report reveal that direct and indirect economic impact from mining in BC was $8.9 billion in 2010. This amount is the total sum of “all economic activity that has taken place in connection with expenditures made through BC mining companies”.
The BC mining industry contributes to the economy of the province both directly and indirectly. Mining creates jobs, pays salaries and generates tax revenues. More indirectly, mining companies purchase goods from suppliers who in turn purchase goods from other companies. Workers in the industry spend wages at local businesses that subsequently, spend those dollars on suppliers and other materials. Governments, federal, provincial and local, collect taxes on these activities. “The payments our industry makes to government translate directly into spending on core government operations and support a stable provincial economy” said Karina Brino.
Mining, by its nature, drives international trade and investment, just as it drives regional economic development on a local scale. As Canada’s largest producer of copper, its only producer of molybdenum and its largest exporter of coal, British Columbia is Canada’s Gateway to the Pacific, closely aligned with Asian markets who are powering the global economy. BC is well placed to respond to the increasing worldwide demand for high-quality steel-making coal, copper and industrial minerals a great deal of which is exported to China and India.
The world needs BC mines as much as BC needs the contributions they make to the provincial economy.
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