February, 2016 - Bill Bennett’s MLA Column

3 facts about Teck Coal February 15, 2016

By Bill Bennett
Kootenay East MLA

Here are three facts you need to know about keeping mine workers on the job in BC.

1. Commodity prices for metallurgical coal and copper are at their lowest in a decade and mines across B.C. are struggling to remain open. While government cannot change global economic trends, we do have one lever and that is to help mines reduce operating costs with a deferral of electricity costs.

2. As of March 1, all operating mines in B.C. can defer 75% of their power costs for 24 months of the next five years and then repay the amounts plus a commercial rate of interest when commodity prices come back up. This is not a subsidy and tax payers are not on the hook.

3. We want the five coal mines in our region to continue sustaining the families of the Elk Valley and Cranbrook. By providing the option to not pay power costs hopefully Teck can continue its normal operations- keeping thousands of people employed in our region.