Association estimates $110 billion could be invested in new mining projects
The Mining Association of Canada is lobbying the country’s governments for more streamlined regulations and support for infrastructure and training, suggesting $110 billion could be invested over the next five years.
The association recently released a submission to Canada’s ministers of natural resources in advance of the annual meeting of federal, provincial and territorial ministers, held July 18 to 19 in Kananaskis Alberta.
Mining Association prepared the submission on behalf of the Canadian Mineral Industry Federation, a grouping of the 15 national, provincial and territorial mining industry associations, and highlights the significant economic opportunity for new mining investment.
With strong and sometimes record commodity prices, the global mining industry is enjoying a period of growth and expansion of existing facilities. The development of new projects and increased exploration continues to attract the largest percentage of global exploration spending.
Over the next five years, the mining association estimates that over $110 billion could be invested in existing and new projects, creating thousands of high-paying jobs in every region of the country.
The submission highlights the important role played by the Canadian mining industry in contributing to national prosperity – such as contributing $35 billion to gross domestic product, generating prosperity in remote areas as well as major cities, accounting for 21 percent of total Canadian goods exports, and paying almost $10 billion annually to Canadian governments.
Mining Association President and Chief Executive Officer Pierre Gratton notes, “the mining industry is critically important to Canada and is poised to bring billions of dollars in new private sector investment at a time when the country needs it, an investment that would support Canada for generations to come. Our submission highlights the challenges facing industry and the actions needed by our governments to capitalize on this opportunity.”
The submission highlighted key recommendations including:
- Clarification and improvement, at the provincial and territorial level, in the area of accessing land for mineral exploration and potential development
- Improvement in regulatory effectiveness, relating to the Fisheries Act and environmental assessment, among other areas
- The need for enhanced government investment in relevant infrastructure projects and in support of industry innovation and skills development
- The timeliness of developing a Canadian mining strategy that would demonstrate ministerial commitment to increased mineral developments in all regions
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