Tuesday, October 22, 2013

Resources giveaway

After Telus, Teck Resources Limited ranks as the largest BC company, by sales. In three years 2010 to 2012, Teck booked revenues of $31 billion, almost half from the sale of coal exported from BC. According to audited financial statements, Teck accrued resource taxes of less than $600 million, under 2% of gross revenue. Of course, unlike BC schools and hospitals, Teck paid no carbon tax on the billions of dollars worth of carbon rich coal they exported as fuel for Asia's ancient mills.

In the same period, 2010 to 2013, the British Columbia government collected $8 billion from all exploitation of resources, including metals and minerals, oil and gas, forestry, water, land tenures and other.

Some denounce redistribution of wealth from rich to poor but fall silent when public wealth transfers to the rich. Here is a graphic that compares one company's resource revenues to those realized by the province of BC.

By no conincidence, Teck and associates are the largest financial supporters of the BC Liberal Party.

Vancouver Sun link

By Ingrid Rice, from Cagle Post

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  1. Corporate welfare at expense of 4.4 million persons in BC.Lobby lobby lobby.!

  2. And, clearly, that financial support that Norm mentions in the final sentence to his post would be cheap at 10 times the price.

    (or maybe even 100)




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