Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Jurisdictions are an important factor in building a successful mineral exploration project.
In Canada, British Columbia (B.C.) is building a brighter future for mining and mineral exploration.
This infographic details nine factors that make the province the right jurisdiction for mining.
B.C. has a long history of mining that has produced a wealth of global industry experts. Today, the region is bustling with exploration activity and has:
In addition, the province also offers comprehensive geological data, research from leading institutions, and over 3,700 mining supply companies.
B.C.’s mining ecosystem is built on its robust history and immense geological potential. In 2020, the province produced a diverse range of commodities, including gold, silver, copper, and other base and industrial metals.
B.C. is Canada’s only producer of molybdenum, used in metallurgy and chemical applications, in addition to being Canada’s leading producer of copper and steelmaking coal.
The province’s Golden Triangle located in the northwestern region contains some of the most important gold deposits in Canada, endowed with minerals worth more than $800 billion.
B.C.’s stable, transparent, and effective policy environment makes it straightforward to turn mineral endowment into mineral production.
The province ranked as the world’s least-risky jurisdiction for mining in 2017 and 2018, with its collaborative authorization across government departments reducing timelines for mineral operators and explorers.
Furthermore, B.C. uses a standardized mine approval process for all companies—local, national, or international.
Supportive Indigenous communities facilitate exploration and mining efforts in B.C., and in turn, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.
In 2018, 120 Indigenous-affiliated businesses exchanged $265 million worth of goods and services with B.C.’s 17 operating mines. Furthermore, B.C. was Canada’s first province to share mineral tax revenue with First Nations, with over $130 million shared with communities to date.
B.C. offers an infrastructure that supports and enhances exploration and mining, including:
The mining industry is key to B.C.’s economy as its benefits reach all 203 local communities in the province.
In 2020, B.C.’s mining industry generated $9.5 billion in gross revenue and contributed $382 million to government revenues, employing 11,378 people.
Environmental, Social, and Governance (ESG) factors are becoming increasingly important for investors when selecting where to invest.
B.C. offers the opportunity to invest in a globally recognized jurisdiction where raw materials are produced in line with ESG standards due to progressive climate policies, strict environmental regulations, a skilled labor force, and adoption of the UN Declaration on the Rights of Indigenous Peoples.
B.C.’s mining industry is producing many of the metals needed for a cleaner future.
With vast resources of critical minerals, B.C. is well-positioned to play a key role in the transition to a low-carbon economy and clean energy future.
Exploration expenditure in B.C. has been rising for the last 5 years. Despite the impact of the pandemic, 2020 saw the highest level of exploration spending since 2014.
The provincial government provides incentives to actively encourage investments in exploration, mining, and innovation. These include tax credits for exploration, apprentice training, as well as investment allowances that let investors claim interest on capital invested while the mine is in production.
Mine development is also highly incentivized in B.C., with companies able to claim one-third of eligible capital expenses for the development and expansion of mines.
B.C.’s natural potential for mineral exploration, combined with jurisdictional advantages, makes it one of Canada’s prime locations for the mining industry.
With effective regulations, mineral-rich geology, and active mining industry, B.C. offers a bright future for mining and mineral exploration.
(This article first appeared in the Visual Capitalist)
Comments