B.C.’s Energy and Mines minister has unveiled the details into how the ailing mining industry can defer BC Hydro bills to buy themselves some time.
Bill Bennett says mining companies can now defer 75 per cent of their hydro bills for up to two years.
Hydro will offer two interest rates. Mining companies on solid financial ground will pay 12-per-cent interest, while those on shakier ground will pay eight per cent.
Bennett says the deferral will be a last resort if the company can’t borrow elsewhere.
He says the industry needs help, as it employs thousands and provides millions in economic spinoffs.