Forging the Future: How British Columbia Can Help Drive the Energy Transition

• The green energy transition requires far more than a single company with a solution to climate change, it’s a global effort, and BC has an important role to play
• According to McKinsey, Copper demand is expected to rise by up to 30% by 2035 to support the energy transition and estimates that $5.4 trillion of capex will be needed globally for supply to match the current demand outlooks for critical minerals by 2035, with copper mining and processing capex representing $780 billion of that total capex figure (McKinsey & Company, Global Materials Perspective 2024)
• By embracing innovative mining practices, British Columbia can unlock its full copper potential and lead the charge toward a cleaner, greener future for everyone
• Providing sustainable copper from the region requires collaboration between the public and private sectors, as well as inclusion of Indigenous Nations who can ensure that projects not only boost the economy, but also respect the land and culture.

?

Copper, Communities, and Clean Energy: BC’s Role in the Global Energy Transition

What role can British Columbia (BC) play in tackling the global energy transition and combatting climate change? While the task might seem daunting and global in scale, the answer lies in harnessing collective action to unlock the critical minerals desperately needed across the world.

While individuals can make a difference through small incremental actions like recycling and cutting energy consumption, the global drive to electrify the economy means that there is surging demand for the minerals like copper that build this new economy. With this in mind, BC is well positioned to leverage its vast copper potential to supply the manufacturing of clean energy technologies – from batteries to wind turbines.

Despite the growing demand for copper to support the energy transition, Canadian production of copper declined. According to (Natural Resources Canada), production fell 17.7% between 2013 and 2022, dropping from 620,989 tonnes to 510,782 tonnes. This raises a critical question: not whether minerals and metals are necessary to achieve climate goals, but more importantly whether BC can be the supplier the world now urgently needs.

?

Identifying a Need

As the demand for clean energy technologies continues to surge, copper has emerged as a vital resource needed to power our cities, heat our homes, and transport us from one place to another. A McKinsey study estimates that demand for the metal will increase up to 30% by 2035 (Global Materials Perspective 2024), forecasting another $5.4 trillion needed globally to meet this demand before 2035. How much of this huge investment could be directed towards BC?

Northwest BC, a region traditionally known as the Golden Triangle but becoming known as the Copper Corridor, is home to 75% of Canada’s copper resources. A recent independent economic impact analysis from the Mining Association of British Columbia (MABC) highlights that 16 proposed critical mineral mines are at a crucial juncture, with the potential to generate C$36 billion in near-term investments, 300,000 person-years of employment, and C$11 billion in tax revenues. These projects, including those in advanced development, could more than double BC’s copper production. Newmont’s Red Chris Block Cave Project, alone, is a major capital project and could increase Canada’s copper production by 15%.

?

Set up for Success

British Columbia has all the ingredients to become a copper mining powerhouse – thanks to its favorable geology featuring copper/gold porphyries and it is already supplying more than half of Canada’s copper. Beyond mineral wealth, there are also an abundance of hydroelectric resources in the province, providing a sustainable energy source for mining operations. Additionally, BC’s track record of strong environmental and social standards creates a strong framework for responsible resource development. With these factors in place, BC is poised to become a critical link in international copper supply chains as the global shift towards renewable energy continues.?

?

A Commitment to Partnerships and Indigenous Relations

Getting the partnership model right between companies and Indigenous communities could be the special sauce that gives BC the competitive advantage it needs to attract capital. At Newmont, our focus on shared value creation alongside Indigenous Nations aims to facilitate economic growth while safeguarding the environment. We believe this approach can serve as a model for responsible development, as BC looks to expand its copper production to support the global energy transition.

However, our partnerships don’t stop at agreements. We work closely with communities to support broad socioeconomic outcomes, because we believe that our operations can only thrive if the communities that host us are thriving as well.

?

Overcoming Obstacles, Together

While BC is rich in copper resources, scaling up to become a leading global producer will require strategic investment, planning and collaboration. While short-term power needs are being met, long-term success would depend on substantial investments in both power generation and transmission to reach the most promising copper deposits in the northwest. Infrastructure like roads, ports and supply networks will also need to expand to support both communities and industry.?

By addressing concerns around permitting processes and providing more certainty for future projects, BC can strengthen its reputation as a premium copper jurisdiction. Central to this effort is meaningful collaboration with Indigenous Nations. Unlocking BC’s significant copper potential requires integrating Indigenous consent and consultation into the development process, fostering transparency, and providing certainty for future mines. Mining companies are committed not only to building viable projects but also to contributing to nation-building and community development.

As the world transitions to cleaner energy, copper will play a critical role in powering new technologies. BC is poised to play a pivotal role in this transformation, but the future of copper production in the region hinges on responsible practices that respect both the environment and local communities.

#mining #copper #energytransition #coppermining #jobcreation