Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Ontario’s Minister of Northern Development and Mines, Michael Gravelle, announced today that the Northern Ontario Heritage Fund Corporation will provide funding to companies developing innovative technology for mining projects in the northern section of the province.
Talking at the Prospectors and Developers Association Convention in Toronto, Gravelle said that by supporting such ventures his office wants to help improve mine productivity in the region, increase operating efficiencies, and contribute to the global expansion of northern businesses.
In a press release issued following his speech, Gravelle explained that the initiatives that will receive up to $250K are operating in the districts of Greater Sudbury and Nipissing.
Such initiatives are Drillco Mining and Exploration’s plan to design, build and field-test the first prototype of the MDS1, the next generation Modular Drilling System which, according to the makers, will be capable of drilling three common platforms, including underground, surface and fly-in operations; Nordic Minesteel Technologies’ project to design, create and manufacture a prototype of the Speed Lifter that will be able to safely lift and secure a 400-tonne truck in less than two minutes; Foraco Canada’s plan to create a self-propelled Mobile F36 Skid Steer – Longhole Drill Prototype for underground drilling, which would increase productivity, efficiencies and safety of long-hole drilling operations; and, finally, RDH Mining Equipment’s idea to create a Load Haul Dump machine, which is a loader smaller than those the company typically manufactures, would open up the narrow-vein market for RDH and would serve as a frame design for future powertrain development.
In total, these projects will create or retain more than 50 full-time jobs, the statement reads.
