Canada's mining sector at a turning point with C $ 97 billion
The Mining Association of Canada (MAC) released its annual Facts & Figures report on Tuesday, saying it was time for industry to realize its potential as a dominant mining nation.
The resource-rich country is one of the five leading countries in the worldwide production of 15 minerals and metals. The industry was valued at $ 2018 billion in 105, and mineral exports accounted for 19% of Canada's total domestic exports, the report said.
Facts & Figures reports that Canada's mining industry contributed C $ 2018 billion ($ 97 billion), or 73%, to Canada's total nominal GDP in 5.
Direct and indirect employment in the industry exceeds 620.000 jobs, which is one of 30 jobs in Canada. Proportionally speaking, the mining industry is the largest indigenous employer in the private sector, providing over 2018 jobs for community members in 16.600, MAC said.
MAC said that with this data there is a need to focus on areas where industry still has room for improvement, and that while Canadian mining competition metrics have improved year on year, some areas continue to do so are low.
Investments rose slightly 5% year over year to C $ 12,9 billion after falling for five consecutive years.
Canada's global share of non-ferrous metal exploration investment was 2018% in 15 - a 1,3% increase from 13,7% - but well below its 20,8 high of 2008%, MAC reported.
Although the NRCan has grown 5% (or C $ 8 billion) year-over-year, the projected 50-year value of planned and construction projects remains 2014% below the 160 level, from $ 80 billion to $ XNUMX billion.
In 2019, only five new mining projects were submitted for federal environmental review, which is significantly below the 2012-2014 average.
“We are stimulated by a number of recent mining-related commitments, including Prime Minister Trudeau's recent mandate letters to his cabinet, the Canadian Minerals and Metals Plan and the new Canada-US Joint Action Plan on Critical Minerals Collaboration, all of which have good omens for our industry, ”said Pierre Gratton, President and CEO of MAC.
Mining News / ISE - February 2020
