VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 25, 2011) – According to a new report from PricewaterhouseCoopers LLP (PwC), direct mining expenditures in British Columbia mining crested $5.2 billion in 2010. An additional $3.7 billion was spent in secondary and support industries and services resulting in a total of $8.9 billion of economic activity across British Columbia. The Economic Impact Analysis report commissioned by the Mining Association of British Columbia (MABC) and compiled by PwC measures direct, indirect and induced economic impacts of mining in terms of output, Gross Domestic Product, employment and government tax revenues.
"This is an important report that quantifies mining's integral role in the provincial economy and the sector's contribution to the provincial labour market, government tax dollars and the quality of life in rural communities," says Karina Briño, president and CEO of MABC. "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."
The PwC report states that the mining industry was responsible for generating 45,703 jobs in 2010 (this includes 21,112 direct jobs and 24,591 spinoff jobs). The mining industry also generated $938.6 million in total tax revenue which includes $449.2 million in federal tax revenue, $414.8 million in provincial tax revenue and $74.6 million in municipal taxes.
"The 2010 economic performance of the BC mining sector was outstanding, driven largely by strong coal and metals prices," said Janice Plumstead, study manager and Director of Economics and Statistics practice at PwC in BC. "Many of the positive trends seen in 2010 have continued this year and, with more than half of BC's mining exports going to Japan and China last year, a lot will depend on the demand for BC coal and minerals in those countries going forward."
As Canada's largest producer of copper, its only producer of molybdenum and its largest exporter of coal, British Columbia is geologically wealthy. Currently, the province has two new major metal mines under construction and about 30 projects in different stages of development. Coal, copper and molybdenum are expected to remain BC's top three most important commodities by value.
Read the entire Economic Impact Analysis report on the MABC website at: http://www.mining.bc.ca/economic_impact_analysis2011.htm.
MABC represents companies involved in the exploration and development, mining and smelting of minerals, metals, coal and industrial minerals in British Columbia. MABC is the pre-eminent voice of mining in the province. www.mining.bc.ca