In a rare move, the B.I.C.’s Minister of the Economy is backing a plan to diversify the nation’s platinum mines.
In a statement released Thursday, Rob Nicholson said the government will be looking to add $6 billion to the $20 billion in existing platinum-mining contracts.
“It’s a big announcement for B.E.M., but it’s a win for the environment, the economy and the taxpayers,” Nicholson said in the statement.
“In fact, it will help ensure that the government can continue to deliver the environmental and social benefits that it’s committed to.”
The plan will see the government add an additional $6 million to the total of existing platinum mining contracts.
Nicholson has previously said the investment could lead to up to $15 billion in future production.
But, he said the additional $5.8 billion could be used to invest in new projects and new technologies to help diversify our nation’s resources.
B.E., Canada’s largest platinum producer, had $2.9 billion in new investments in 2015, with $1.4 billion in 2017.
The announcement comes after the province announced earlier this year it was increasing the amount of platinum it will invest in.
The government said the move would allow it to diversifiy its supply and diversify its operations.
Nicholas said the increase in investment will help B.A.N.T. and its sister mine in British Columbia be “more competitive, more diversified and more secure.”
B.A., a joint venture between Canada’s B.N., B.P., and B.T., is now the third-largest platinum producer in the world.
Nichols said the $6B investment will create thousands of jobs, as well as help create “significant and enduring employment in the mining industry.”
“It will create hundreds of thousands of new jobs, hundreds of billions of dollars of economic benefit and billions of tax revenues over the course of the next 20 years,” he said.
Nicholls also said the BAN-NTA deal will support B.B.’s long-term economic growth and diversification plans.
He said it is crucial that the BAMN (Bancor Nationale de Miniere) and BAMR (Billionaire Association for New Mexico) remain aligned to ensure the Bancor investment is aligned with the BANCOR (Brent and Maple Ridge) investment.
The new investments will include the BAC (BAC Minerals), a joint-venture with BAML (Canadian Agricultural Materials), and a new BANT-N-BAC project.
The BANTs will work together to expand their respective operations and create new opportunities for their respective customers, B.D. (British Columbia Diamond and Metal) CEO John DeSantis said in a statement.
He also said BANTS will continue to be able to continue to provide a strong and diversified platform for Canadian mineral and precious metal mining.
“Nichols also said this investment is expected to provide an opportunity for Bancors, Bancurs, BAMS and the Banca Privada de América de Ciudad de Mexico to diversification.