The province is likely going to be asked to spend $1.6 billion to help construct the infrastructure necessary to jump-start nine Northwestern Ontario mines.
We say it’s money well spent.
With a projected return of $16 billion in taxes if the mines meet expectations of a study produced by local economists, it seems like a win-win situation for everyone.
First Nations will get communications, energy and transportation infrastructure they need to start turning their communities around.
They will also benefit, along with all of Northwestern Ontario, from the projected 13,150 jobs these nine mines are expected to produce.
The companies will be more willing to invest knowing they won’t have to bear all the cost to mine the $135 billion or more worth of minerals in the ground.
Thunder Bay will benefit from not only the jobs, but the spinoffs, as supply companies will need to find nearby homes to set up shop in.
Given our proximity to the mines, and our already-in-place airport, the city is a natural for these companies. And that means more industrial and residential taxes for the city coffers.
This could ultimately help relieve the tax burden so many homeowners in Thunder Bay say they’re facing these days.