Thank you, Mr. Chair.
Good afternoon, honourable members.
My name is John Mullally. I'm the head of external relations and social performance for Newmont in Canada. It's an honour to present to you today.
Canada, like the world, finds itself in a watershed moment. Global economic uncertainties and geopolitical tensions are reshaping how nations think about resource security and supply chains. Gold prices are at record highs, driven by central bank buying, and copper faces mounting strain as demand for electrification and storage outpaces new discoveries. These dynamics create an extraordinary opportunity for Canada and, in this case, particularly northwestern British Columbia. Newmont believes this region is a world-class mining district. We are committed to shaping its future, in partnership with indigenous nations, government and industry.
For those less familiar with Newmont, we've operated for over 100 years with a long-term perspective in an industry prone to short-term cycles. Our strategy is simple: to be the world's best gold company while diversifying into copper, the key commodity of the next supercycle. That strategy is already taking shape here in Canada. In 2023, our acquisition of Newcrest added the Brucejack and Red Chris mines to our Canadian portfolio. We also hold 50% of Galore Creek, Canada's largest undeveloped copper deposit, in partnership with Teck Resources. Together, these assets position us in a region that holds most of Canada's copper resources, along with significant gold, silver and critical minerals essential to batteries, steelmaking and semiconductors.
What makes the region unique is not only its geology, but its people. The Tahltan and Nisga'a nations bring stewardship of the land, business acumen and vision. Our partnership with the Tahltan Nation at Red Chris is proof of shared decision-making and what that governance can deliver. Red Chris is one of Canada's largest copper mines, with about $600 million in annual supplier spend. More than $100 million of that is with the Tahltan Nation Development Corporation.
Together, we are advancing a technically complex block cave that could extend the mine's life by at least 13 years and increase Canada's copper output by more than 15%. This project is advancing under a consent-based decision-making process between the Tahltan Nation and the Province of B.C. The decision is expected to take place in early 2026. It represents the model of participation and the partnership we believe in that should guide Canada's mining future.
Newmont's commitment to Canada remains steadfast, but unlocking the region's true potential requires targeted action that I would highlight in four key areas.
The first is infrastructure and investment. There are good examples in northwestern British Columbia, such as the Dease Lake Airport, the Port of Stewart, which was recently acquired by the Nisga'a and Tahltan and financed by Newmont, and Highway 37 upgrades, in which National Resources Canada invested $70 million through the critical minerals infrastructure fund. However, much more is needed. Federal investments in roads and transmission upgrades are essential to meet future power demand. The proposed north coast transmission line would unlock critical mineral potential, with indigenous leadership right at the centre.
The second is governance and working with our indigenous partners. We've seen that shared decision-making works. Our experience at Red Chris shows that these frameworks, when indigenous nations are resourced properly to participate meaningfully in permitting and governance.... Federal support for these types of agreements will ensure that indigenous leaders are front and centre in building long-term prosperity in the region. Specifically, we recommend that the federal government join the Province of British Columbia and the Tahltan Nation in what they're referring to as their “foundation agreement”.
The third is talent and training. A strong pipeline of skilled workers is critical. We need to work with indigenous nations, governments and institutions to expand trades and mining-specific training. Hub-and-spoke training centres of excellence in the northwest would help ensure that local communities, especially indigenous youth, are positioned to take on the high-skilled jobs this industry demands.
The final area is federal tax policy. The clean technology manufacturing investment tax credit must recognize copper's critical role. Lowering the critical mineral content threshold from 90% to 50% and including brownfield expansions would make the program directly applicable to copper-gold projects in northwestern British Columbia, thus unlocking significant investment, which would also level the playing field with competing jurisdictions.
In northwestern British Columbia, Canada has a chance to responsibly unlock critical minerals and many operations that are already producing minerals at this time to attract additional incremental investment worth many billions of dollars in investment opportunities, advance reconciliation and protect communities and culture.
This is more than an economic opportunity; it is proof that responsible development, indigenous participation, and environmental stewardship can coexist and thrive. Newmont is committed to being a catalyst for that transformation.
Thank you once again for the opportunity to present today.