As part of the strides to reduce reliance on US exports, BC Premier David Eby has announced the fast-tracking of 18 resource projects throughout the province.
Eby’s office says the projects collectively represent around $20 billion in investments and are expected to provide 8,000 jobs. The list consists of several established mines and energy facilities, new pipelines and transmission lines, and some wind power projects that will be majority-owned by First Nations.
Among the projects being fast-tracked are:
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- Highland Valley Copper mine expansion in Logan Lake, owned by Teck Resources (TSX: TECK)
- Red Chris gold-copper mine expansion, operated jointly by Newcrest Mining (ASX: NCM) (70%) and Imperial Metals (TSX: III) (30%)
- Eskay Creek Gold/Silver project owned by Skeena Resources (TSX: SKE)
- Mount Milligan gold-copper mine run by Centerra Gold (TSX: CG)
- Cedar LNG natural gas export facility owned in part by the Haisla Nation
- NEBC Connector pipeline project, linking the Montney region to Alberta
- Enbridge (NYSE: ENB) is also expanding infrastructure in northeast BC through its Aspen Point program
- New transmission line and previously-announced wind power projects being planned and managed by BC Hydro, a Crown corporation
Energy Minister Adrian Dix stresses that environmental assessments and permitting standards will remain intact, even as timelines are shortened. He says the government will continue consulting with Indigenous nations and that several of the wind energy initiatives are structured to be at least 50% Indigenous-owned.
The plan emerges against a backdrop of proposed US tariffs on Canadian goods—25% on most exports and 10% on energy—that, while temporarily delayed, remain a looming concern.
According to data, 54% of BC exports in 2023 went south of the border, compared to 77% nationally. The US buys 67% of BC’s wood, pulp and paper, metallic mineral, and energy exports.
Eby says the province’s ports in Vancouver and Prince Rupert offer the flexibility to pivot to global customers, particularly in Asia. BC’s second-largest export destination is China at 14%, followed by Japan at 11%.
Information for this story was found via the CBC and sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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