The Strathcona Standard

By Grant Warkentin

It’s amazing what happens in BC when the provincial government finally takes its thumb off the scales.

Earlier this year, a copper mining project planned for the North Island was identified by the province as worthy of being fast-tracked by the new Critical Minerals Office. The NorthIsle Copper and Gold project proposes to return to the historic metal deposits which put Port Hardy on the map, and which many believe are still commercially viable.

“Northisle’s decision to engage early with the Quatsino First Nation and the District of Port Hardy demonstrates a strong commitment to respectful partnership and meaningful community consultation,” said Port Hardy Mayor Pat Corbett-Labatt when the province announced three mining projects that were getting pushed through the provincial bureaucracy. “We appreciate this proactive approach and look forward to continued collaboration as the project progresses.”

It remains to be seen whether or not this copper mine project will actually break ground.

Lots of resource projects have been pitched for the North Island in the last 30 years, only to die in the cradle after being smothered by governments of all colours. However, it’s encouraging to see the Eby government’s attempt to show it’s at least a little bit friendly to the resource industry is already having positive results: other investors and mining companies have now announced a renewed interest in the North Island region.

Last week Coast Copper published several presentations about its own holdings on the North Island, the Copper Kettle and Empire Mine projects, all tapping into the same underground resources which once made Island Copper the third-largest mine in all of Canada. They’re honest about their goals: work their own holdings if possible, otherwise, sit on their resources and hope the government-approved project next door actually happens, so they can take advantage of the secondary benefits.

“We will continue to advance these projects through options, sales or working them ourselves in between our main projects while gaining exposure to millions of dollars in work by our neighbors and selling them at an opportune time,” says Coast Copper’s most recent corporate presentation.

There’s a lot of copper and other valuable metals in the North Island mountains, and the timing is right to prepare now for expected demand in a few years. Clean energy and electric vehicles are driving a steady, increasing demand for copper, which hit record high prices already this year.

Goldman Sachs expects that to taper off in the next several years, with companies sitting on large stockpiles of metal. But by 2029 demand is expected to outpace supply, as the USA and Europe’s demand for copper catches up to China, who currently accounts for half the world’s copper consumption.

That means Canadian miners who prepare now could be sitting on a metaphorical – and, in some North Island cases, literal – gold mine.

For decades the North Island has been a shell of what it used to be, a network of small but vibrant resource-based communities where young people worked and raised families. Tourism has helped fill the void created by the loss of resource industries, but seasonal entry-level jobs are no replacement for year-round, skilled jobs that attract families to make the region their home.

The North Island is like many other places in BC which once relied on resource industries. The resources are still there, waiting to be tapped again with modern technologies which could offer bigger yields than anyone could have imagined in the last century. Investors are lining up just in case they get an opportunity to do something about it.

The only thing holding them back, and the only thing keeping the growth of our rural communities on hold, is government.

Here’s hoping the Eby government is serious about reducing its meddling in the resource industries which have always been the backbone of BC, and give this province a chance to shine again.

Featured image: A slide from Coast Copper Corp.’s presentation for investors last month shows how much of the North Island has untapped mining potential.