$12 million in funding to explore B.C.’s potential
With a $12-million investment from the Province, Geoscience BC can continue to provide new data to help companies and prospectors explore the potential to find mineral and oil and gas resources, leading to jobs and economic diversification.
One new major metal mine in B.C. could create a $20-million to $50-million payroll and contribute $15 million to $30 million annually in mineral tax revenues. The development of just one new major metal mine could create 300 to 600 high-paying jobs and lead to the creation of an additional 250 to 500 spinoff jobs.
Considerable success has already resulted from Geoscience BC delivering the regional QUEST, QUEST-West, and QUEST-South projects. This series of projects has significantly increased exploration activity in the mountain pine beetle-affected areas of B.C.’s interior, and contributed to the discovery of new resources at the Huckleberry Mine.
Geoscience BC projects have also focused on the compilation and assessment of water resources and other geoscience information in support of shale gas and other energy development in northeast B.C.
The province can attract investment and development, measured in the billions of dollars, by funding collection of new public geoscience information that uses the geological expertise of the British Columbia Geological Survey of the Ministry of Ministry of Energy and Mines, and the exploration tools of Geoscience BC, an industry-led, non-profit society.
Why it matters
In general, every dollar invested by government in new mining-related geoscience data attracts $5.00 in exploration investment and substantially more with new discoveries.
The geoscience information acts as knowledge infrastructure to reduce the risk to the companies and influences them to choose British Columbia over other jurisdictions as a
• Geoscience BC is an industry-led, not-for-profit, applied geoscience organization. It works in partnership with industry, academia, government, First Nations and communities to fund applied geoscience projects with the objective to attract mineral and oil and gas exploration to British Columbia.
• Mineral exploration spending rose to more than $322 million in 2010, more than doubling the 2009 figure of $154 million.
• In 2010, 380 exploration projects were active in the province.
• The British Columbia Geological Survey and Geoscience BC employ world-class geologists, whose invaluable and painstaking work is available for free to global clients and investors through MapPlace.ca and the mining ministry’s website.
For more information go to the Geosciences BC website at: http://www.geosciencebc.com/s/Home.asp