The demand for critical minerals to supply the energy transition presents British Columbia with “the greatest opportunity in a generation,” says a new report by PwC.
There are already 14 operating mines in ÎÚÑ»´«Ã½, and 17 proposed critical minerals mines that represent “extraordinary economic returns,” according to the report.
“For years, the ÎÚÑ»´«Ã½ mining industry has chosen to keep a low profile, even as it has quietly led on many environmental issues,” the PwC report states. “Miners in the province, for instance, have understood the value of attaining social licence from the communities in which they operate since well before environmental, social and governance (ESG) concerns went mainstream.
“Now that much of the world has begun to recognize the need to reduce carbon emissions, British Columbia is primed to become one of the most reliable and lowest-carbon-emitting suppliers of critical minerals. The industry boasts leading technical know-how and is successfully working with all levels.”
Of the 14 mines operating in ÎÚÑ»´«Ã½, metallurgical coal mines represent the single most valuable export commodity, accounting for 61 per cent of mining revenue in 2023 ($8.9 billion), compared to 26 per cent for critical mineral mines ($3.8 billion). The sector directly employed 13,357 workers.
PwC urges governments to continue to work on streamlining regulatory processes that cause permitting delays for new mines.
“The process required for mining companies to acquire the necessary permits to build and operate their sites remains too long. Both the provincial and federal governments appear to understand the imperative. Ottawa has committed to reducing waiting times significantly, and the ÎÚÑ»´«Ã½ government is investing more money to support the permitting process.
“However, the need to get mines operating can’t be overstated. Around the world, other regions that have significant critical minerals deposits are trying to attract foreign capital to develop their own projects.
“British Columbia, as well as Ontario and Quebec, must win this global race for capital, in part by proving they can bring mines and minerals to market in a timely fashion.”
