• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 9 mins U.S. Presidential Elections Status - Electoral Votes
  • 1 day Locked Thread on the election
  • 18 hours Mail IN Ballot Fraud
  • 8 hours Michael Moore Cranking Up Planet of the Humans Again
  • 7 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 1 day “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 1 hour Censorship in USA
  • 1 day British PM Eyes Banning Gasoline and Diesel Car Sales
  • 2 days San Francisco Imposes Natural Gas Ban
U.S. Looks For Ways To Boost Rare Earths Mining

U.S. Looks For Ways To Boost Rare Earths Mining

The U.S. House of Representatives…

The World Is In Desperate Need Of More Lithium

The World Is In Desperate Need Of More Lithium

As electric vehicle demand soars,…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Premium Content

The Tide Is Turning For Canada’s Mining Industry

The Mining Association of Canada (MAC) released its annual Facts & Figures report on Tuesday, saying it is time is for the industry to fulfill its potential as a dominant mining nation.

The resource-rich country ranks among the top five countries in the global production of 15 minerals and metals. The industry was valued at $105 billion in 2018, and mineral exports accounted for 19 percent of Canada’s total domestic exports, the report found.  

Facts & Figures reports that in 2018, Canada’s mining industry contributed C$97 billion ($73 billion) or 5 percent to Canada’s total nominal GDP.  

The industry’s direct and indirect employment exceeds 620,000 jobs, accounting for one in every 30 jobs in Canada. Proportionally, the mining industry is the largest private-sector employer of indigenous peoples and provided over 16,600 jobs to community members in 2018, MAC found.

MAC said that with this data comes the need to focus on where the industry still has room to improve and that while Canadian mining’s year-over-year competitiveness metrics have improved, they remain depressed in some areas. But as its oil industry continues to struggle, Canada is looking to revitalize its mining sector.

Capital investment increased modestly by 5 percent to C$12.9 billion year-over-year, following five consecutive previous years of decline. 

Canada’s global share of non-ferrous exploration investment was 15 percent in 2018 — up 1.3 percent from 13.7 percent — but well below the peak of 20.8 percent in 2008, MAC reported.  While showing growth of 5 percent (or C$8 billion) year-over-year, NRCan’s 10-year projected value of mining projects planned and under construction remains 50 percent below 2014 levels, from $160 billion to $80 billion. 

Only five new mining projects were submitted for federal environmental assessment review in 2019, well below average levels seen from 2012-2014. 

“We feel energized by a number of recent commitments pertaining to mining, including in Prime Minister Trudeau’s most 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 bode well for our industry,” said Pierre Gratton, MAC’s president and CEO.

By Mining.com 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News