For B.C.’s resource sector, 2024 was a year of openings and closings, beginnings and endings. While one cornerstone industry, forestry, was battered with sawmill closures, it was something of a banner year for mining, and oil and gas. While two new gold mines and one oil pipeline was commissioned, three sawmills were permanently shuttered.
Here are some highlights and lowlights from 2024:
Forestry
The year began with Paper Excellence announcing in January that it would “indefinitely” shut down its paper-producing operation at its Catalyst Crofton mill, but would keep operating the pulp side of the mill, which has close to 400 employees.
The same month, West Fraser Timber Co. announced the permanent closure of its sawmill in Fraser Lake.
In May, Canfor Corp. announced the permanent closure of its Polar sawmill in Bear Lake, and the suspension of its planned reinvestment in its Houston mill, which it had shuttered in 2023.
In September, Canfor announced the closure of its Plateau sawmill in Vanderhoof, and its sawmill in Fort St. John
Energy
One of the biggest and least-celebrated energy investments in B.C.—the $34 billion Trans Mountain pipeline expansion project—was officially and quietly commissioned in May, to little fanfare. The expansion boosted the pipeline’s capacity from 300,000 to 890,000 barrels per day, opening Alberta oil to more markets in the U.S. and Asia.
In May, AltaGas Ltd. and joint-venture partner Royal Vopak approved a final investment decision for the $1.4 billion Ridley Island Energy Export Facility, a large-scale liquefied petroleum gas and bulk liquids terminal project near Prince Rupert that will export natural gas liquids from northwest B.C.’s liquids-rich natural gas fields.
In June, the Haisla First Nation and industry partner Pembina Pipeline Corp. announced a final investment decision on the $5.5 billion Cedar LNG project in Kitimat.
In August, LNG Canada began introducing natural gas into the $18 billion plant in Kitimat from the Coastal GasLink pipeline (completed at the end of 2023) as part of commissioning and startup activities. LNG Canada expects to begin exports in the first half of 2025.
In October, nearly a decade after it was first approved by the Christy Clark Liberal government, the $16 billion Site C dam began generating power with the first of six generating units.
In December, BC Hydro announced nine new wind farm projects, valued at $5 billion and $6 billion, had been approved through a new power call. The projects will have a capacity totalling 3,000 gigawatt hours of power, with First Nations having equity stakes in them.
Mining
In April, Ascot Resources Ltd. poured first gold at the new Premier Northern Lights mine, but just four months later, in September, the company put the new mine into care and maintenance to focus on the development of its Big Missouri mine. In November, Ascot announced it had secured $52.5 million in equity and debt financing for restarting the Premier Northern Lights gold mine, with resumption of its mill expected in the second quarter of 2025.
In July, the massive $8 billion KSM copper-gold mine being built by Seabridge Gold in Northwest B.C. was deemed by the BC Environmental Assessment Office to have made a substantial start.
In July, Teck Resources Limited announced it had completed the sale of its steelmaking coal business to Glencore plc for US$7.3 billion. Glencore’s Elk Valley Resources now owns four steelmaking coal mines in the Elk Valley.
In November, Artemis Gold Inc. began commissioning of its new mill at the new Blackwater gold mine 160 kilometres southwest of Prince George.
In November, the Ministry of Mining and Critical Minerals announced Barkerville Gold Mines, a subsidiary of Osisko Development Corp., was granted an operating permit for the Cariboo Gold Mine in Wells, located southeast of Prince George.
