The Mining Association of British Columbia

The Mining Association of British Columbia

August 25, 2010 13:30 ET

BC Government Is on a Roll-MABC Celebrates Second Mining Revenue Sharing Agreement This Week

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2010) - MABC was on hand in Victoria to celebrate the signing of a second mining revenue sharing agreement announced today, this one between the Province of BC and the McLeod Lake Indian Band.

"Today's agreement will mean that the McLeod Lake Indian Band will benefit directly from the proposed Mt. Milligan mine when it gets built" said Pierre Gratton, President and CEO of the Mining Association of BC. "Like the agreement announced yesterday with the Tk'emlups and Skeetchetsn communities involving the New Afton mine, I hope that this agreement will send an important signal to all BC First Nations that the mining industry has much to offer their communities".

Mining companies know the value of working with the local communities. Terrane Metals has been reaching out to the local communities for several years, and has established a strong and collaborative relationship with the McLeod Lake Indian Band. "In addition to providing valuable input to the planning and environmental assessment processes" said company representative Glen Wonders, "the company recognizes that the McLeod Lake community is a very valuable, local, well-trained, and experienced potential workforce for us. We are looking forward to a partnership that will continue to grow and evolve over the life of the project" he concluded.

Mines are where you find them, and for communities who are close to potential new mine developments like the one at Mt. Milligan, the BC government's mining revenue sharing policy provides an opportunity for the communities to benefit from the development of mineral resources in their territories. The Provincial policy has been evolving since 2004 when the initial forest and range agreements created a similar benefit for First Nations with active forestry operations in their territories.

"The new relationship that is being created between the BC government and First Nation communities across BC is sound public policy, and it's good for the economy." said Mr. Gratton, "With the positive trend in commodity prices and several new major mine developments nearing final regulatory approval, these new revenue sharing agreements enhance BC's investment climate and buoy an already booming industry" added Mr. Gratton.

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