News Regional news A message from Pat Bell
A message from Pat Bell
| News |
Hi all,
2010 has started out to be a year of potential with news of mining, energy and forestry investments. The 7th annual Natural Resource Forum this past week heard from lead industry investors such as Ken Shields (CEO Conifex), Don Roberts (CIBC World Markets), Pierre Lebel (CEO Imperial Metals), Don Steele (Pacific Bioenergy) Fred Spinola (GM Del Tech), Greg Stewart (President Sinclar Group) and Craig Lodge (Pinnacle Pellet) all of whom are looking at 2010 as a year to invest and grow their businesses. This does not include the significant investments ($100 million plus) Canfor Pulp plans to make. All in all the Forum brought a sense of optimism to the air that was much needed.
Next week I will be attending both the Truck Loggers Assoc convention in Victoria and “Round Up” the annual convention for the Mining Industry in BC. Both promise to be good events that will add to the awareness of investments in the resource sectors.
Have a great week!
Pat
1. Taseko Mines Limited has received an environmental assessment certificate for its proposed Prosperity Gold-Copper Project. The project, a conventional open-pit mining project with a 20-year operating life and a production capacity of 70,000 tonnes of mineral ore per day, will be located approximately 125 kilometres southwest of Williams Lake. The ore concentrate will be transported by truck to the existing Gibraltar Mine Concentrate Load-out facility near Macalister, 54 kilometres north of Williams Lake. The project is expected to contribute approximately $340 million to provincial GDP annually, and $400 million in provincial revenue and $43 million to local and regional government over the life of the project.
2. New provincial rebates proposed for qualifying schools, universities, public colleges and hospital authorities will ensure that, on average, these institutions pay no more tax when HST is implemented on July 1, 2010. The partial rebates of the provincial portion of the Harmonized Sales Tax (HST) will ensure that, on average, these sectors will not pay any more provincial HST after harmonization than they currently pay in PST. The rebates recognize that HST will apply to a broader range of goods and services than the PST and also reflect the fact that schools, universities, public colleges and hospital authorities currently pay PST on most goods and certain services.
3. Individual British Columbians earning up to $118,000 will pay the lowest provincial personal income taxes in Canada as a result of new personal income tax measures that come into effect on Jan. 1. We’re increasing the basic personal income tax credit to $11,000, saving a single person up to $72 a year, and up to $147 for taxpayers with dependents. The basic personal income tax credit will increase to $11,000 from $9,373, which will also eliminate personal provincial income tax for an additional 75,000 British Columbians. With the introduction of the B.C. Tax Reduction in 2005, a total of 325,000 additional low-income earners will now pay no personal provincial income tax. Other new tax measures in effect as of Jan. 1 include: Increasing the corporate income tax small business threshold to $500,000 from $400,000, saving small businesses approximately $20 million in 2010. Reducing the general corporate income tax rate from 11 per cent to 10.5 per cent, saving businesses approximately $75 million. The rate will be further reduced to 10 per cent effective Jan. 1, 2011. Extending the BC Mining Flow-Through Share Tax Credit to the end of 2010.
4. A tentative agreement has been reached on a two-year contract for workers in the community health sector. Community health employees include home-support workers who help the elderly in their own homes, alcohol and drug counselors, staff at adult day centres as well as child development centres and those working in mental health group homes. Many people working in community health are employed by contracted agencies, while some work for the Province's health authorities. The majority of unionized employees in the community health sector are represented by the BC Government and Service Employees’ Union, with the balance represented by nine other unions, including the Hospital Employees’ Union, the United Food and Commercial Workers Union and the Canadian Union of Public Employees. Together, the unions are accredited to bargain for all unionized employees as the Community Bargaining Association. Ratification of the agreement will take place in the new year. There are about 17,000 people working in the community health sector.
5. B.C.’s natural gas and oil rights sales for December generated $172.3 million in bonus natural gas bids, bringing the 2009 calendar year total to just under $893 million making it the third-best calendar year total in history. The ministry conducted a survey of producers to determine the impact of the Oil and Gas Stimulus package. The survey shows our stimulus package has encouraged surveyed producers to increase their expected 2010 investment by $0.6 billion (or 38.4 per cent), to a total of $2.1 billion in 2010. In addition, our stimulus has given surveyed producers the incentive to increase their expected 2010 wells by 105 (or 57.4 per cent).
6. Standard & Poor’s has affirmed the Province of British Columbia’s credit rating at AAA, the highest possible, noting the Province’s debt reduction has given B.C. an increased capacity to respond to the global recession. This is the third of the large agencies to confirm British Columbia’s high credit rating. The debt reduction we achieved –about $4 billion over the past three-year period–has meant we avoided much larger increase in debt that otherwise would have resulted from the recession. S&P’s report notes, “Good cash and investment balances coupled with solid access to capital markets support what we view as B.C.’s strong credit profile.… Supplementing this immediate support is solid access to capital markets for short- and long-term debt funding.”
7. NaiKun Wind Development Inc. has received an environmental assessment certificate for its proposed offshore wind energy project. The Council of the Haida Nation has a limited partnership agreement with the proponent to operate and maintain the project after construction. Located east of Haida Gwaii/Queen Charlotte Islands in Hecate Strait, the project is anticipated to have up to 110 wind turbines positioned on 80-metre towers mounted on foundations anchored to the seabed. With an installed capacity of 396 megawatts, it could produce enough electricity annually for approximately 130,000 homes. The project also includes an underwater cable and overland transmission line connecting to BC Hydro’s grid on Ridley Island near Prince Rupert and HaidaLink, a marine cable and infrastructure supplying electricity to Graham Island near Tlell. In addition the Thunder Mountain Wind Limited Partnership has received an environmental assessment certificate for its Thunder Mountain Wind Project. The proposed project will produce up to 320 megawatts of electricity and could produce enough electricity annually for approximately 100,000 homes. The project is located approximately 45 kilometres southeast of Tumbler Ridge and consists of approximately 160 wind turbine generators, five substations, a 65-kilometre transmission line, access and maintenance roads, and associated infrastructure.
8. Prime Minister Stephen Harper and Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway have successfully secured Approved Destination Status with China. Approved Destination Status allows Chinese tour operators and travel agents to organize tours and advertise Canadian destinations. It also allows British Columbia’s tourism industry to promote directly to tour operators and market B.C. as a destination, including the development of specific promotions. It is anticipated that ADS could increase Chinese tourism to British Columbia by 25 per cent annually over the next few years.
9. Secondary students in British Columbia writing post-secondary level exams placed among the very best in North America according to the latest Advanced Placement exam results. The Advanced Placement Program allows students to pursue post-secondary-level studies while still in secondary school. Highlights from the 2009 results include B.C.’s average score (3.67) was higher than Canada’s average score (3.44) and higher than the United States’ (2.88).
10. The Governments of British Columbia and Canada are working together to help farmers improve their business management skills and boost their bottom line. The Farm Business Advisory Services program will provide total funding support of $965,000 over four years to help producers access basic financial analysis and specialized business planning services that will enable them to effect better, more informed management decisions. The program provides two tiers of funding support to producers for business consulting services. Tier 1 provides consulting services for a basic farm financial assessment to a value of up to $1,900, at a cost of only $100 to the producer. Tier 2 covers up to 85 per cent of the cost of consulting services to a maximum of $3,000, for specialized business planning to adopt progressive farm business management practices and strategies in nine business management areas.
| < Prev | Next > |
|---|