$138 billion in new projects planned in the next decade
OTTAWA, Feb. 2, 2012 /CNW/ – Mining in Canada is back and growing according to the latest report by Mining Association of Canada (MAC). MAC's annual Facts & Figures 2011 finds that mining in Canada has not only recovered from the 2008 economic crisis, but is now entering a period of significant and sustained growth.
Canada's mining sector contributed $36 billion to the national GDP in 2010, and employed 308,000 workers in mineral extraction, smelting, fabrication and manufacturing. An additional 3,215 companies supplied engineering, geotechnical, environmental, financial and other services to mining operations.
In 2010, the value of Canadian mineral production rose by 31% and mineral exploration increased by 35%. The industry exported $84.5 billion worth of metals, non-metals and coal in 2010, which accounts for 21.2% of Canada's total exports.
According to MAC, Canada's mining industry plans to invest a further $139 billion in new projects nationwide over the next decade. The success of these projects will depend on several factors including:
- An efficient regulatory process. The Canadian mining sector is a leader in responsible mining, and that includes complying with a rigorous regulatory process, but every effort must be made to avoid unnecessary and costly regulatory delays.
- Sufficient human resources. The Canadian mining sector will need to hire over 100,000 people within the next 10 years.
- Improved Infrastructure. Operating mines are often in remote locales and they require roads, marine access and power grids. A long-term strategic approach to infrastructure investment will be required to fully capitalize on the mining projects.
"Mining in Canada is playing a leading role in Canada's economic recovery. We are generating significant results, we are creating valuable new jobs and we are optimistic about the opportunities in the future," said Pierre Gratton, President and CEO of the Mining Association of Canada. "Working responsibly and co-operatively, we believe mining will be a good news story for Canada for years to come."
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, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication.
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