February 25, 2021 | Red Tape Hurts Investment in Canada
Stewart Muir Stewart Muir is founder and executive director of the Resource Works Society, a Vancouver-based group open to participation by British Columbians from all walks of life who are concerned about their future economic opportunities. He is an author, journalist and historian with experience on three continents including a financial editor of The Vancouver Sun responsible for mining and markets coverage. Since Resource Works was established in 2014, the group has gained international recognition for its practical approach to the public challenges of responsible natural resource development and use.
The biggest hold-up is split processes, both provincial and federal, whether it’s cutting permits for forestry or mining assessments. Walter Cobb explains.
But I don’t think Mayor Cobb and I agree on what is meant by “red tape.” If I am allowed to paraphrase his argument, red tape for him is the environmental assessment and approval process, which in his view is stifling the development of the proposed Prosperity Mine south of Williams Lake. Prosperity is a huge potential project seeking to mine 5.3 billion pounds of copper and 13.3 million ounces of gold. With copper around $3.60 per pound and gold around $1,800 per ounce, the mining play is valued at close to $43 billion at today’s prices. With inflation, it could end up generating twice as much. That is a lot of money.