The proposed Sisson Mine in New Brunswick is being considered for the national projects list by Prime Minister Mark Carney. During a recent visit to Fredericton, Carney hinted at the inclusion of additional projects, including one from New Brunswick, in the updated list scheduled for announcement.
Sisson Mine Overview
The Sisson Mine project aims to extract tungsten and molybdenum—crucial minerals for energy storage, production, and military applications. This venture has been under consideration for over ten years and already secured environmental approvals at both federal and provincial levels.
Significance of Sisson Mine Project
By earning federal designation, the Sisson Mine could benefit from:
- Accelerated regulatory approvals
- Federal funding
- Additional support to mitigate investor risk
Carney emphasized the importance of projects that enhance Canada’s autonomy, diversify the economy, and align with climate objectives while producing significant economic returns.
Government Support and Funding
The federal government has expressed interest in the Sisson Mine. In May, it proposed $8.2 million to aid the project, while Northcliff Resources received $20.7 million from the U.S. government for development efforts. The project is estimated to cost around $579 million.
New Initiatives and Economic Impact
The Carney administration’s recent budget introduced a critical minerals sovereign fund of $2 billion over five years for strategic investments. This aligns with the Group of Seven (G7) Industrialized Nations’ push to create alternative sources of critical minerals, reducing dependency on Chinese supplies.
Discussions among G7 leaders have included establishing a price floor for critical minerals, which would help stabilize the market and attract investors. Notably, approximately 80% of the tungsten market is currently controlled by China.
Project Development Timeline
If the Sisson Mine proceeds, it is expected to operate for approximately 27 years and will create around 500 jobs during construction and 300 in regular operations. The project’s ownership is divided between Northcliff Resources (88.5%) and New Zealand’s Todd Corporation (11.5%).
Engagement with Indigenous Communities
A significant aspect of the project involves collaboration with Indigenous groups. An accommodation agreement signed in 2017 ensures local Indigenous communities receive a share of the mine’s royalties, an arrangement revisited by the new Holt government after previous tax agreement terminations.
The provincial government is advocating for all environmental conditions to be met to facilitate the commencement of construction, as deadlines for compliance approach. The prospect of increased support from the federal government highlights the strategic importance of the Sisson Mine to New Brunswick and Canada’s overall economic landscape.
