Local Economy

Galantas subsidiaries make a very positive impact on local economy, which is going through difficult economic times. The operations recently employed about 50 people. Once permission for underground mining activity is granted, this number is likely to increase to over 100. The subsidiaries source as much labour, materials and contract services as it can locally; utilising services from hundreds of local companies.

The direct benefits are the jobs, wages, turnover & taxes associated with operation. Indirect benefits are are generated through, for example demand on suppliers. The economic activity as a whole has induced benefits that reflect on various items in the wider economy (eg housing, social, retail etc). Webb Advisory, specialist consultants in this field have estimated (May 2017) a Gross Value Added (the total of all classes of economic benefit) as approximately £14m per annum to the wider Northern Ireland economy, with the majority concentrated within the Omagh area and its hinterland. The total impact on jobs is estimated as 174 (direct, indirect and induced).