The Mining Association of Canada released its annual Facts & Figures report where it highlights that while 2020 saw a modest, $2 billion y-o-y increase in the value of mining projects planned and under construction from 2020 to 2030, the total 10-year projected value of $82 billion remains nearly 50% below the 2014 level of $160 billion.
According to the Association, Canada also continued to lose ground to Australia in the competition for the world’s top destination for non-ferrous exploration spending in the past two years.
The report points out that the country’s share of global production for critical minerals and metals has also gone down, with other jurisdictions capturing greater market share for growing demand.
“Critical to bolstering the industry’s domestic and international leadership is a predictable and consistent domestic policy and regulatory environment, with proactive and bold policy to position the country for longer-term success, particularly in the face of the pandemic,” Pierre Gratton, MAC’s president and CEO, said in a media statement.
“There are tremendous opportunities to do that in the areas of critical and battery minerals – arguably the foundation for any resurgence in Canadian advanced manufacturing and essential elements in the move towards a lower-carbon future.”
Gratton said that public enthusiasm for enhanced critical minerals development in Canada is high, as a survey commissioned by MAC and carried out by Abacus Data revealed.
The study showed that 90% of the people polled liked the idea of Canada being a preferred source for critical minerals and are looking forward to seeing the government taking a number of steps to support this approach.
“It is clear that these essential elements required as inputs in the goods – including clean and healthcare technologies – we create and on which Canadians and our economy depend, represent an important opportunity for the country’s mining sector and the economy as a whole,” the press brief states.
Also on the positive side, the Mining Association of Canada’s report shows that the industry continues to be a strong employment generator, accounting for one in every 26 jobs in Canada or approximately 719,000 positions, with 16,500 of those occupied by Indigenous peoples.