Capital Report ~ August 3, 2007
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Wally Oppal, British Columbia's Attorney General and Perviz Madon, of the Air India Flight 182 Victims' Families, joined Premier Gordon Campbell at the dedication of a memorial to the lives lost in Canada's worst terrorist incident. The memorial in Stanley Park includes a wall etched with the names of all the victims, a playground devoted to the memory of the children lost in the tragedy and a quiet space for contemplation. July 27, 2007.

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Huu-ay-aht First Nations Endorse Maa-Nulth Treaty

The Huu-ay-aht First Nations voted to approve the Maa-nulth First Nations Final Agreement, bringing the west coast of Vancouver Island area one step closer to a final treaty. Of the 303 ballots cast, a resounding 90 per cent or 272 votes were in favour of the treaty.

The Maa-nulth Final Agreement would provide a capital transfer of $73.1 million, annual resource royalty payments averaging $1.2 million for 25 years and a land transfer totalling approximately 24,551 hectares to the five First Nations.

The vote to approve the agreement follows the recent vote by the Tsawwassen First Nation in favour of the first urban, modern-day treaty under the B.C. treaty process. On July 20, 23 and 25, Tsawwassen First Nation members voted on the Final Agreement. The ratification process required a positive endorsement from 50 per cent plus one of the members on the registered voters list. Of 187 registered voters, 69.5 per cent voted in favour of the treaty that provides a cash transfer of $13.9 million and a land transfer totalling 724 hectares.

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Galore Creek Project Brings $2-Billion Investment

The Province's resurging mining sector has reached a major milestone with the issuance of a Mines Act permit that will allow NovaGold and Teck Cominco to develop British Columbia's first new metal mine in over a decade.

Under the 50-50 joint venture announced in May, Teck Cominco will invest an initial $478 million to fund construction costs of the $2-billion mine, and both companies will be jointly responsible for their share of funding thereafter. The project has the potential to create 1,000 construction jobs and 500 full-time jobs during operation.

Investment in mineral exploration soared to a record-high $265 million in 2006, an increase of over 600 per cent since 2001, and 600 exploration projects were underway last year. Mining in B.C. has grown to an $8-billion industry, and B.C.'s minerals economy has generated more than 28,000 jobs in over 50 communities.

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Province Expands Drug Coverage for Diabetes Patients

Patients who require long-acting insulin to manage their diabetes will benefit from PharmaCare's coverage for the medication insulin glargine, also known as Lantus.

PharmaCare estimates that there are currently 5,000 patients in British Columbia who could be eligible for PharmaCare coverage for insulin glargine with a projected cost of $1 million annually. It is expected that the number of patients who benefit from coverage for this product will continue to grow over time.

In 2006, the Ministry of Health spent more than $53 million on diabetes medication and supplies though the PharmaCare program. Approximately 269,000 British Columbians are currently living with diabetes.

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Quotes This Week

"We anticipate continued growth, particularly in the Lower Mainland, as Olympic venues come on line and major projects like the Golden Ears Bridge continue."
Keith Sashaw, Vancouver Regional Construction Association president, discussing the continued growth in employment in B.C.'s booming construction industry. The Langley Times, July 29, 2007.

"June represents a landmark month for the Port of Vancouver and underscores a continuing growth trend for the gateway."
Chris Badger, Vancouver Port Authority's vice-president of customer development and operations, commenting on the Port of Vancouver's highest ever mothly volume. The Vancouver Province, August 2, 2007.
Did You Know?
  • Western Climate Initiative (WCI) representatives from the six participating U.S. states and two Canadian provinces are meeting in Vancouver for three days to complete work on a regional greenhouse gas reduction goal and continue work on a cross-border carbon cap and trade system.

  • The Province has allocated the $100-million Health Innovation Fund to British Columbia’s six health authorities. From the $100 million, 29 projects will receive funding worth a total of almost $85 million, and $15 million will be allocated towards smaller, short-term projects based on an existing funding formula used for providing funding to health authorities.

  • Patients with advanced kidney cancer and gastrointestinal stromal tumours in British Columbia will be the first in Canada to benefit from coverage for the medication Sutent (sunitinib) or Nexavar (sorafenib).
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