SAINT JOHN (GNB) – An economic impact report was released today with a consolidated view of five large-scale energy and mining opportunities that could have a major impact on changing the province's economy.

The report, Potential New Brunswick Energy Infrastructure and Natural Resource Investment Review, by David Campbell of Jupia Consultants, examined the proposed Energy East Pipeline; the Canaport Energy East Marine Terminal; the potential for shale gas development; the conversion of the Canaport Liquid Natural Gas terminal into an export facility; and the Sisson Brook tungsten and molybdenum mine project.

“The report shows the potential of $8.6 billion worth of investments in energy and mining infrastructure from 2015 to 2020,” said Campbell. “All of these projects could boost nominal gross domestic product by an average of three per cent yearly. This could be the big boost needed to offset the economic fiscal challenges we are currently facing.”

The report was commissioned by the Department of Economic Development and the Department of Energy and Mines to provide a consolidated view of the province’s economic opportunities, identify the economic impact of those projects, and begin to chart a path forward.

“This report confirms what our government has been saying for the past three years, “ said Economic Development Minister Bruce Fitch. “New investments in these sectors and the five large-scale opportunities outlined in the report will provide a significant boost to the economy through jobs, and a substantial source of tax and royalty revenue. These projects will create more than 5,200 well-paying jobs and will bring home our people working in other jurisdictions in these industries.”

The report studied the next five years of development but did not include the ongoing economic benefits that would be generated past 2020.

“It is clear that through energy and mining projects we can grow our provincial economy, create jobs for the people and provide improved services such as education and health care through the significant revenues the industry will generate for the province,” said Energy and Mines Minister Craig Leonard. “These projects would generate high-wage jobs, significant taxes to pay for public services and create a foundation for long-term economic benefits. We are poised to be a major player on the world energy and mining stage and this study quantifies the opportunities in front of us.”


24-06-14