VICTORIA, BC – Changes to the design of the new made-in-BC Output-based Carbon Pricing System (OBPS) in Budget 2024 will help attract and retain investment in BC’s mining and critical mineral sector, says the Mining Association of BC (MABC).
“BC’s mining and smelting industry has long supported a price signal to reduce GHG emissions. The new OBPS provides better carbon pricing policy for mining and smelting operations in BC that will continue to incentivize GHG emission reductions, while improving the competitive position of BC’s critical mineral sector,” said Michael Goehring, President and CEO of MABC.
As part of last year’s provincial budget, the Province announced the transition from the existing CleanBC carbon tax towards a new carbon pricing system for large industrial emitters, the BC OBPS, effective April 1, 2024. The new BC OBPS is similar to the federal carbon pricing system. It incents GHG emissions reductions through a performance-based system that includes offsets and credits to meet a product-specific emissions limit and seeks to limit tax competitiveness risks.
“MABC has actively engaged government and advocated for changes to the carbon tax since 2021 to improve the competitive position of BC’s mines and smelters,” said Goehring. “We are pleased government considered our input and recalibrated the technical details of the BC OBPS to provide a more competitive fiscal foundation for critical minerals development in BC.”
BC’s mines and smelters have among the lowest GHG emissions in the world, due to their use of clean electricity. The new BC OBPS will help support innovation and new technologies to further decarbonize our critical mineral mines and smelters, like zero emission haul trucks at mine sites.
“The BC OBPS marks a step forward in narrowing the competitiveness gap between BC, Ontario and Quebec, while maintaining BC’s position as a climate leader. A more competitive mining sector is good news for the tens of thousands of workers in urban and regional centres, small towns and First Nations communities who stand to benefit from high-paying, family-supporting jobs that have sustained British Columbians for generations,” said Goehring.
With the right policies in place, BC can be a world leader in supplying critical minerals vital to clean technologies and fighting climate change. Budget 2024 includes $24 million in new funding over three years to support the Province’s Critical Minerals Strategy including new dollars for regional and major mines permitting; the new critical minerals advancement office; the modernization of the Mineral Tenure Act; and work to support further fiscal policy improvements for the critical mineral sector.
Other important initiatives in Budget 2024 include the First Nations Equity Financing Framework, which establishes enabling tools to help support equity financing opportunities in natural resource projects for First Nations. The budget also earmarks $250 million for 21 rural and remote governments in Northwest BC to support the planning and construction of infrastructure such as roads, water, sewer, and other community facilities. Both of these budget items support BC’s critical minerals future.
“Developing BC’s critical mineral resources means billions in economic development and thousands of high-paying jobs, in addition to the opportunity to accelerate economic reconciliation with First Nations,” said Goehring. “Critical minerals offer a generational opportunity to build prosperity for British Columbians.”
About the Mining Association of British Columbia
MABC is the voice of British Columbia’s steelmaking coal, metal and mineral producers, smelters and advanced development companies. Our industry benefits all British Columbians and supports more than 35,000 jobs and over 3,900 small, medium and indigenous affiliated businesses in every corner of the province through an annual spend of $3.7 billion on goods and services. Our members’ products have among the lowest carbon footprints globally and are helping the world transition to a cleaner, low-carbon future; safely and responsibly.
For more information
Jayne Czarnocki
Director, Communications
Mining Association of British Columbia
Cell: 778-957-2597
Email: jczarnocki@mining.bc.ca
What makes BC such an attractive place for mining investment and development?
BC is uniquely positioned to play a leading role in providing Canada’s allies and partners with the minerals, metals, and steelmaking coal they need.
British Columbia has or produces sixteen of the fifty minerals the U.S. has identified as being vital to their national interest. Over half – are found or produced in British Columbia, including: aluminum, copper, germanium, gallium, indium, nickel, and many others.
What is the Mining Association of British Columbia?
The Mining Association of British Columbia (MABC) is the voice of British Columbia’s steelmaking coal, metal and mineral producers, smelters, and advanced development companies. Our industry benefits all British Columbians and supports more than 56,000 jobs, $27 billion in economic activity for British Columbians, and nearly 4,000 small, medium, and Indigenous affiliated businesses in every corner of our province.
Our members’ products have among the lowest carbon footprints globally and are helping Canada and our allies meet our decarbonization, technology, and national security objectives; safely and responsibly.
How does BC compare with other mining jurisdictions around the world when it comes to regulation, innovation, and investment opportunities?
British Columbia is recognized globally for its rigorous regulation and environmental and social responsibility standards.
The provincial government’s move towards accelerating permitting timelines and creating clearer regulatory pathways for mining and critical mineral projects also are helping make BC a very strong global mining jurisdiction.
BC is competitive, but we are not the only mining game in town when it comes to global investors. Jurisdictions that combine strong geology with fast, predictable permitting and innovation incentives are capturing the largest share of new investment. BC has the ingredients to lead — but must continue strengthening regulatory and permitting efficiency, infrastructure planning, and investment certainty to fully realize its potential.
BC can be a global leader in responsible, innovative, and future‑focused mining. The decisions made now will determine whether the province secures that leadership position in the decade ahead.
BC is uniquely positioned to play a central role in providing Canada’s allies and partners with the minerals and metals they need.
What economic impact does the mining industry have on British Columbia, including employment, First Nations partnerships, and local communities?
There are 31 proposed mining projects in BC mining that could deliver more than $90 billion in economic opportunity for Canada.
Mining is the biggest jobs and economic opportunity BC will see in a lifetime. Mining can secure our economic future and long-term prosperity.
Mining is already a cornerstone of British Columbia’s economy. The next generation of proposed mining projects presents major economic opportunities for BC.
MABC’s Mining and Metro Vancouver Economic Impact Study identifies 31 proposed new and extended mines across the province, including 20 critical mineral projects, seven precious metal projects, and four steelmaking coal projects.
Construction and development of these mines are expected to generate:
– $90+ billion in total economic activity
– $40+ billion in GDP
– $24 billion in pay cheques
– 286,000+ well-paying jobs
– $12 billion in government revenues
Which commodity is in most demand right now and which province has the most of it?
Right now, the commodities driving the greatest opportunities in BC are copper, gold, and critical minerals — especially molybdenum, battery metals like lithium, and rare earth elements.
BC is Canada’s leading producer of copper and steelmaking coal, second largest producer of silver, and only producer of molybdenum.
What role can BC’s mining industry play in boosting our economy?
Mining supports more than 56,000 jobs and generates billions in economic activity, while creating opportunities for thousands of small, medium, and First Nations businesses across our province.
At a time of growing economic uncertainty, mining can secure our economic future by creating jobs that strengthen communities in every region of BC.
What does BC’s mining sector offer Canada and its allies, and why is developing these resources such an important opportunity for the future?
BC’s mining sector has the critical minerals, precious metals and steelmaking coal that Canada and our allies need. Demand for these strategic resources is growing, and we are ready to deliver.
Developing our resources for new markets is a nation-building opportunity that will grow our economy, protect our sovereignty, and make BC and Canada stronger.
Why is now a great time to consider a career in BC’s mining industry?
BC’s mining industry is hiring.
In fact, with the growth of the sector, the industry needs to hire 35,000 workers over the next 10 years.
That means you can be part of a new generation of British Columbians who can take advantage of skilled, high-paying jobs in every region of the province.
