Quebecers do not own their mines, but at least they are the main ones who manage them and who are at the head of the exploration firms responsible for discovering new deposits, underlines a luminary of the industry.
“For a very long time, we did not own our natural resources simply because we did not have the skills”, underlines Michel Jébrak, professor emeritus at the University of Quebec in Montreal (UWQM) and expert in the sector. Quebec mining.
“It’s something that has gradually changed and today, at the head of the main mining companies in Quebec, in terms of leaders, we find Quebecers, and in terms of technical management, we have Quebecers,” adds- does he..
Mainly French bosses
“When I became a professor at UQAM in 1987, no one said anything to me, except “Michel, today, exploration companies are Anglos, they should become Francos”. That was basically my mission. And it worked. Today, the bosses of the clubs are mostly French. »
As for the ownership of our mines, “that’s another problem,” agrees Mr. Jébrak.
The specialist explains the situation by our small population, a rate of entrepreneurship that leaves something to be desired and the large presence of the State in the Quebec economy.
capital = power
“It’s always the problem of Quebec: we lack capital,” he summarizes.
“And obviously, the people who have the capital, they have the power. »
According to Michel Jébrak, the development of the Quebec mining sector will continue to depend largely on foreign investors.
“We are in a context of contraction in the industry, so small Quebec companies will be targets for large mining companies, especially since international political uncertainty is increasing, and Western capital tends to put itself in the jurisdictions risk-free,” he says.
More pay for the state
Mr. Jébrak recalls, however, that since the reforms carried out at the turn of the 2010s by the governments of Jean Charest and Pauline Marois, Quebec derives more revenue from its mines in the form of royalties.
“Does it bring enough money to the state? he asks without answering the question himself.
In 2020, the Quebec government received more than $600 million from the mines located on its territory, compared to barely $100 million in 2015.
“If we control the territory and the know-how, we control two elements out of three [the other being the ownership of the mines]”, estimates Michel Jébrak.
Those who advocate the nationalization of mineral resources do not understand that it takes colossal sums to extract them from the ground – investments far too risky for the state, he notes.
“There is no ‘natural wealth’, there is only human labor that values stuff. “Natural wealth”, as long as there is no one working on it, it is worth nothing. »
▶Michel Jébrak recently published, with MultiMondes editions, with Christian Hocquard, engineer and economist at the Bureau of Geological and Mining Research of France, the book Objectif lithium: Succeeding in the energy transition.
