Tuesday, January 31, 2023

British Columbia earmarks $13.6 billion for mineral exploration in 2022

According to officials, copper discoveries are set to increase by 84% in 2022, with much of this variation concentrated in the so-called Golden Triangle.

British Columbia (BC) set record mineral exploration spending in 2022. In addition, eight new mines or mine expansions are stalled.

This was revealed by Prime Minister David Abbey during the opening of the Roundup conference of the Association of Mineral Exploration (AME) in Vancouver.

It also indicated that C$740 million would be spent on mineral exploration in BC in 2022, a record number.

Similarly, the official indicated that they expect mineral production of 18.200 million Canadian dollars (13.600 million US dollars).

This represents an increase of C$4.3 billion from 2021.

“The increase in value in 2021 was largely driven by higher metallurgical coal prices,” said Gordon Clark of the Geological Survey of British Columbia’s Office of Development.

Meanwhile, steelmaking coal prices peaked at $670 a ton last year and remain relatively high at around $300 a ton.

It should be noted that according to Mining.com, BC has seven mines operating metallurgical coal mines.


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Copper in British Columbia

Eby said there was an 84% increase in copper discoveries in 2022, concentrated in northwestern B.C. in the so-called Golden Triangle.

Copper is one of the important minerals identified in Canada’s new federal Important Mineral Strategy.

It is important to both the digital economy and energy transition, and is a mineral that BC has in relative abundance.

“BC is the largest copper producer in Canada,” insisted the Canadian authority.

Jonathan Price, the new CEO of Tech Resources, which operates the Highland Valley Copper Mine, predicted that projected global demand for copper will increase by 4.7 million tonnes by 2030, fueled by higher demand for the energy transition and greater urbanisation. ,

“To put that in perspective, Teck’s Highland Valley Copper Mine in BC is the largest copper mine in Canada,” Price said.


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Abby also said she has asked her new energy and mines minister, Josie Osborne, to speed up a provincial critical minerals strategy.

The AB warned that the political landscape is changing as a result of the government’s commitments to reconciliation with First Nations.

For one, the Minerals Tenure Act would potentially have to be amended, resulting in what the EB called “a very serious legal challenge” by First Nations.


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