The year 2017 brought with it upward pressure on mineral and metal prices, returning a cautious optimism to the global mining industry. Pending the right conditions, Canada could seize significant growth opportunities in mining in the years ahead, according to the Mining Association of Canada’s (MAC) latest report on the health of the sector.
“The report concludes that there is strong potential for growth in Canada’s mining industry, which would result in our sector expanding its already significant socio-economic benefits to Canadians. These benefits would be felt across the country, in our smallest communities and largest cities,” stated Pierre Gratton, President and CEO. “With the turnaround upon us and global demand for minerals and metals poised to increase, Canada must focus on boosting its attractiveness as a destination for mineral investment or risk losing opportunities to other countries.”
Looking forward, the Canadian mining industry’s economic prospects are strong over the long term. Demand for mining products is projected to increase as the middle classes of the world’s most populous countries continue to emerge, and as their consumption patterns more closely resemble those of western industrialized countries. Another significant growth opportunity is the global transition to a low carbon future, which will serve to increase the demand for minerals and metals as the building blocks of clean and low energy technologies.
“It is a jurisdiction’s policy and fiscal environment that truly is the deciding factor when companies are deciding where to invest. Unfortunately, indicators suggest that Canada is not as competitive as it once was and the industry requires strategic policies that would encourage sustainable mining development. If we get these pieces right, Canada can meet the growing demand for minerals and metals, today and in a low carbon future,” stated Gratton.
Key findings from MAC’s Facts & Figures 2017 report:
To download a copy of Facts & Figures 2017, please visit www.mining.ca/facts-and-figures-2017.
The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada’s production of base and precious metals, uranium, diamonds, metallurgical coal and mined oil sands, and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication.
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