BC mineral and coal exploration spend up 28% in 2020 despite turbulent year
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Exploration spend across the province reached $422m in 2020
Grassroots and early-stage exploration accounted for 35% of total exploration
The Northwest Region contributed 53% of total expenditure for the province
TORONTO, March 4, 2021 The latest annual
British Columbia Mineral and Coal Exploration Survey finds that exploration spend across the province increased by 28% year-over-year to $422m just short of the highs experienced in 2011 and 2013. Though the impacts of the COVID-19 pandemic initially caused numerous delays, projects were able to capitalize on favorable commodity prices and available venture capital, attracting additional investment and strengthening budgets in the latter half 2020, says Iain Thompson, EY Canada Mining & Metals Consulting Leader. These factors helped to support an increase in exploration in BC and kept Canada third in global
The Runner | Explainer: Cleaning up dormant oil and gas wells in B C runnermag.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from runnermag.ca Daily Mail and Mail on Sunday newspapers.
But cancelling the project now would be an even worse deal for taxpayers, the government concludes. Cancelling Site C when it was half done would have meant laying off 4,500 workers, just as we re coming out of the impact of the pandemic, Premier John Horgan said in a press conference Friday. It would have left us with a $10 billion debt and nothing to show for it. That $10 billion debt would have meant a rapid increase in rates for people on average about $216 a year starting right away, and that was also something we were not prepared to do. He added that the project was one that his government would never have started in the first place, but also noted that some of the cost overruns the project now faces are ones that no one could have anticipated.
The B.C. NDP government is forging ahead with the Site C dam project after receiving technical reports concluding the project is safe and financial estimates indicating the cost of reversing the project would have a "severe" impact on taxpayers.
Share to Feb 26, 2021 11:38 AM Pete McIntyre
B.C.’s premier has confirmed the Site C energy project in northern B.C. will be completed.
John Horgan told a news conference Friday the decision was made after independent experts confirmed the project can be built and operated safely.
The premier said it will help power the province well into the future with clean energy and will keep power rates among the lowest in North America.
“Cancelling it when it was half done would have meant laying off 4,500 workers just as we’re coming out of pandemic and left the province with $10 billion in debt and nothing to show for it. That would have led to rapid increase in rates, on average of $216 dollar a year, starting right away which we were not prepared to do,” Horgan explained.