Mineral exploration more important than ever

As British Columbians, we have faced the facts: We will be living in a global pandemic for the foreseeable future. We have recently seen a surge in the number of COVID-19 cases, and we are now facing a snap election positioned to ensure we have a government who can respond strongly through the winter months. My message to any new government is this: More than ever, it is critical our mineral exploration sector remains globally competitive.

The question everyone is asking is: How can we financially support a strong response? And beyond that, what does our economic recovery look like? How can we usher in a greener future?

COVID-19 has thrown us all a curveball, but it has also proven something we in the mineral exploration industry already knew: Mineral exploration is a resilient and essential industry. While other sectors saw lockdowns and layoffs, exploration projects proceeded with relative ease because the very essence of mineral exploration is remote and physically distant. Health and safety are paramount at every exploration camp, so pandemic protocols became just another important layer in protecting everyone's health and safety in the field.

Discovery and development of minerals is essential to supporting the supply of critical materials needed for everyday life, helping us stay healthy and connected. For example, copper — a mineral found in abundance in B.C. — is being used to reduce unwanted microbes on surfaces. Scientific studies have found that the COVID-19 virus survives for less than four hours on copper surfaces, compared to up to three days on plastic and stainless steel. As a result, copper-coated handrails are becoming increasingly prevalent, and Vancouver General Hospital has installed copper-infused countertops. Furthermore, as governments and candidates place emphasis on a greener future, copper plays a significant role. A low-carbon future with electric vehicles and green power makes copper an increasingly important critical metal.

The mineral exploration industry is also essential to our economic recovery and future prosperity. According to the World Gold Council, after months of interest rate cuts and massive liquidity injections, capital is flowing into gold investment vehicles in record numbers as a safe haven asset. After years of gold explorers struggling to raise capital, B.C. explorers are now poised to benefit on investors' growing interest in gold.

These companies are raising capital from around the world, to be spent right here in B.C. mineral explorers have already raised more than $270 million in 2020 — this is the fourth highest year on record in real dollars raised for mineral exploration, and we still have three months to go.

The vast majority of these dollars — 97 per cent, in fact — will be spent within the province, employing people in labs, accounting, legal and engineering firms, and in various local service and supply companies in all regions of the province, benefiting the economies of all 215 local communities throughout B.C.

B.C. is a centre of excellence for mineral exploration. Any new government must recognize this and ensure we can realize the opportunity that is in front of us. The robust permitting process that engages local Indigenous communities and protects the health and safety of workers and the environment must be maintained and modernized to enhance our competitive advantage compared to other jurisdictions across the country.

To help keep explorers working at home in B.C., enhanced tax credits and continued funding of geoscience are required to demonstrate that B.C. is globally competitive and open for responsible exploration.

Copper and gold have been the most important metals for B.C. throughout the past century and they continue to be today.

Now is absolutely our time to realize the immense opportunity to support a prosperous future by actively exploring in all corners of this well-endowed province, welcome sustainable development and deliver to meet local and global demand.