Vancouver, B.C., Feb. 09, 2022 (GLOBE NEWSWIRE) -- An economic study released today by the BC Chamber of Commerce, the United Steelworkers and Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck"), Economic Contribution Analysis of Mining Operations in the Elk Valley shows steelmaking coal operations in BC’s Elk Valley make up 80% of Gross Domestic Product (GDP) for the region, sustain more than 30,000 jobs and contribute $1.5 billion in revenues annually to three levels of government. The study was produced by Deloitte LLP.
Teck’s operations in the Elk Valley produce among the lowest-carbon intensity steelmaking coal in the world, a key resource needed to support global population growth and the global transition to net-zero.
Economic Highlights
The Deloitte study shows that Teck’s Elk Valley steelmaking coal operations contribute the following:
Contributions to Canada
- $6.3 billion to Canada’s GDP
- 30,490 direct, indirect and induced jobs created or sustained across Canada
- $1.5 billion in total government revenues (federal, provincial, municipal)
- $2.9 billion to approximately 1,800 suppliers across Canada
Contributions to British Columbia
- $4.6 billion to British Columbia’s GDP
- 12,820 direct, indirect and induced jobs created or sustained across British Columbia
- $600 million in total government revenues (provincial, municipal)
- $1.4 billion to approximately 900 suppliers across British Columbia
Contributions to the East Kootenay
- Teck’s operations contribute 80% of GDP for the region that includes Cranbrook, Fernie, Sparwood and Elkford
- Nearly half, 2 in 5, of all jobs in Cranbrook, Fernie, Sparwood and Elkford are created or sustained by Teck’s activities
- 1 in 5 jobs in the Regional District of East Kootenay are created or sustained by Teck’s activities
“As the report demonstrates, mining supports 1000s of small- and medium-sized businesses across the province and country and provides critical revenues needed to support services for citizens.” said Fiona Famulak, President and CEO, BC Chamber of Commerce. “Teck’s Elk Valley operations clearly punch above its weight with respect to the contributions it makes to government revenues; which speaks to the importance of supporting our natural resource industries to overcome the impacts of the pandemic and best position us for the future.”
“Our members in the steelmaking coal mining sector play an important role in supporting the local, provincial and national economies,” said United Steelworkers Union District 3 Director Steve Hunt. “This report demonstrates how critical these ongoing operations are to communities and families, not just in the Elk Valley, but across the province and country. The wages provided through these operations are 87% higher than the national average, allowing our members to support their local economies.”
“Teck is committed to responsible mining that creates economic opportunity, supports people, families and communities across B.C. and Canada while maintaining a healthy environment,” said Robin Sheremeta, Senior Vice President, Teck Coal. “Steel and steelmaking coal are an essential part of the modern world and global efforts to decarbonize the economy will drive long-term demand for Teck’s high- quality, low-carbon intensity steelmaking coal.”
This study measured the economic contribution of Teck’s Elk Valley operations in terms of GDP, labour income, employment, and government revenue. It traced how the expenditures and revenues associated with the Elk Valley operations ripple through the economy. It looked at direct economic impacts, indirect impacts, which arise from generating demand for goods and services provided by Teck’s suppliers, and the induced impacts, which arise from the spending of salaries and wages earned as a result of the Elk Valley operations.
The study also looked at Teck’s Elk Valley operations’ creating and enabling of a range of additional socio-economic benefits, including Indigenous community engagement, community contributions, innovation and technological capacity development, and diversity, equity, and inclusion.
View the report here: https://bcchamber.org/wp-content/uploads/2022/02/Teck-Resources-Economic-Contribution- Study-FINAL.pdf
About the BC Chamber of Commerce
The BC Chamber of Commerce is the largest and most broadly-based business organization in the province. Representing local Chambers of Commerce and Boards of Trade and 36,000 businesses of every size and from every sector and region of the province, the BC Chamber of Commerce is uniquely positioned to “Know What’s on BC’s Mind.”
About the United Steelworkers
United Steelworkers (USW) District 3 represents over 50,000 workers in Western Canada and the Territories. District 3 has offices throughout BC and the Prairies.
About Teck
As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
