Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canada is investing more than $400 million to upgrade five coal terminals in British Columbia to up exporting capacity to more than 82 million tons annually.
Coal – mostly coking coal used in steelmaking – is the number one mineral export of the province, and a recent study showed BC coal exports totaled $7.1 billion in 2011 generating $3.2 billion in provincial GDP and approximately $715.2 million in tax revenue.
The coal industry supports 26,000 jobs throughout the province, many of which make twice the average annual provincial wage, according to a news release by The Alliance for Northwest Jobs & Exports, a group that has been lobbying in support of projects like the Gateway Pacific Terminal (GPT) south of the Canadian border.
GPT is one of five coal export projects in Washington and Oregon with a combined investment totaling over $2 billion.
Annual British Columbia Coal Export Capacity
|
Terminal |
Confirmed Capacity Expansion |
Potential Capacity Expansion |
Total Capacity After Expansion |
|
Westshore Terminal, Tsawwassen |
4 million tons |
N/A |
33 million tons1 |
|
Ridley Terminal, Prince Rupert |
12 million tons |
36 million tons2 |
24-60 million tons1 |
|
Neptune Terminal, Vancouver |
8.5 million tons |
N/A |
18.5 million tons3 |
|
Fraser Surrey Docks, Vancouver |
4 million tons |
4 million tons |
4-8 million tons4* |
|
Pacific Coal Terminal, Port Moody |
1 million tons |
2.5 million tons** |
1-3.5 million tons5 |
| Total Capacity Post-Expansion |
80.5-123 million tons |
Image of Downtown Vancouver’s Coal Harbour by Aavarage Joe on Flickr
