SASKATOON—Two of Canada’s mining big-wigs are suggesting the Canadian mining industry has the potential to see almost $140 billion in capital investment over the next five years.
It’s anticipated Saskatchewan will benefit from more than $50 billion of capital investment over the next two decades.
The province’s mining industry is already worth $7.1 billion and the province benefited from $3.1 billion in capital expenditures in 2010—the largest recipient of mining investment in Canada last year.
Pierre Gratton, CEO of The Mining Association of Canada (MAC) and Pam Schwann, executive director of the Saskatchewan Mining Association, say the value of mineral production has tripled in the last decade, now valued at more than $6.8 billion, with mineral exploration expenditures at $319 million.
Mineral exploration spending intentions in 2011 are estimated at approximately $280 million, while potash companies have announced almost $13 billion worth of expansions to their existing mines by 2020.
The mining industry is a key driver in the growth of Saskatchewan’s economy, serving as an economic development engine for rural and northern communities through employment and business opportunities.
The province currently has 27 mining facilities, providing 30,500 jobs—or one out of every 16 jobs in the province.
Even still, the province’s mining industry will require another 15,000 workers over the next 10 years.