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Canada is one of the world’s leading mining nations; producing more than 60 minerals and metals, we rank at the top in the global production of many commodities (i.e., uranium, potash, diamonds, and nickel).
National Mining Week celebrates the important role that mining plays in the lives of Canadians. Mining takes place in almost every province and territory in Canada — creating jobs and business opportunities, and supporting industries and workers from rural, remote and Aboriginal communities to our large urban centres.
One of Canada’s strongest industrial clusters has emerged from the mining sector. The sector – which includes activities from exploration and extraction to smelting and refining – has an important direct impact on the economy, generating $36 billion of GDP and providing employment for more than 308,000 workers in 2010. However, the influence of the sector is felt far beyond its direct impact. As many as 3,200 Canadian suppliers and service providers in diverse fields such as machinery manufacturing, environmental consulting, legal services and finance providers count on the mining sector as clients.
The Toronto Stock Exchange has emerged as the leader in mining equity. In 2011 the TSX and TSXV provided 90% of all mining equity financings, accounting for nearly 40% of all mining equity capital raised. Canadian firms are also the dominant force in mineral exploration on the international stage, accounting for 40% of global exploration spending, and Canada has been the world’s top destination for metal and mineral exploration for 18 of the past 32 years. Canada is also among a handful of countries supplying specialized machinery, equipment and services to the mining sector and is particularly strong in products and services relating to the environment and are increasingly exporting their technologies abroad.
Moreover, Canada could be a leader in the production of Rare Earth Deposits. In a report issued last month: Canada’s Rare Earth Deposits Can Offer A Substantial Competitive Advantage, the Canadian Chamber of Commerce shed light on the opportunity for Canada to start punching above its weight in leveraging what is often referred to as the “oil of the 21st century.” Canada has 1.1 billion pounds of rare earths locked in black shale deposits (the Alberta Black Shale Project) worth an estimated $206 billion. In addition, several other Canadian mines across the country show great potential.
Together, mining firms and these ancillary industries are an important source of jobs and income for Canadians from coast to coast. We have been blessed with great geology and we have a tremendous opportunity to turn our resource richness into a significant competitive advantage.
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Budget 2012
- Addressing Canada’s Skills Crisis (March 30)
- Budget Analysis (March 29)
- News Release - A growth plan to restore Canada’s competitiveness (March 29)
- Pre-budget Consultations - Submission to the House of Commons Standing Committee on Finance (October 31, 2011)
- Pre-Budget Consultations - Speaking Notes for Tina Kremmidas, Chief Economist to the House of Commons, Standing Committee on Finance (October 31, 2011)
Dispatches from Washington
This series, written by Paul Frazer, the Canadian Chamber of Commerce’s Washington, DC-based Special Advisor on Canada-U.S. relations, provides briefs on issues and events that have implication for Canadian businesses. Mr. Frazer has over 15 years of experience in this area and is a well-known and influential player in Canada-U.S. issues. Mr. Frazer can be contacted at Paul.Frazer@3ClickSolutions.com.
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