Billions worth of investment projected for Canada’s mining industry
SUDBURY, Ont.―Get ready for the commodities rush. Canada’s mining sector is expected to draw $130 billion in investments over the next five years, according to new figures from the Mining Association of Canada.
“Global demand for commodities is creating opportunities not seen since the post-war boom of the 1950’s,” says Pierre Gratton, President and CEO of the Mining Association of Canada.
With multi-billion dollar investments are planned in virtually every province and territory, Gratton says the country is a “global mining superpower.”
“Canada is among the most attractive jurisdictions in the world for mineral exploration and new mine investment,” he says.
Sudbury especially is well-positioned to capitalize on the opportunity not only for the commodities it produces, but as a Canadian supply and services centre and a key educator and trainer for the next generation of mine workers, Gratton adds.
But he also cautioned that Canada will need to think strategically and focus on challenges such as regulatory efficiency, human resources and infrastructure.
Those were also the findings of a Conference Board of Canada report that noted lack of infrastructure and distance to market could stand in the way of the mining sector’s growth.
Other major challenges include supply shortages —especially skilled labour— and long lead times to bring new properties to full production.
But, if Canada can overcome those barriers, it’s sitting on a golden opportunity, the report said, adding that could lead to growth in related industries, such as communication, electricity and transportation infrastructure and commercial services.