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.
Investment in mineral exploration in Ontario, Canada, exceeded $1 billion for the first time last year, said today the Minister of Northern Development and Mines, Rick Bartolucci.
According to Bartolucci, mining exploration drove the province’s economic activity last year, creating hundreds of jobs in Ontario, jurisdiction that attracts 26% of the country’s exploration investment activity located within the province.
“The job creation and economic activity generated by the mining industry are important as our government works to eliminate the deficit and deliver key services to all Ontarians,” said Bartolucci.
A single new mine in Ontario can generate 2,280 jobs and contribute $278 million to the provincial economy.
In 2011, the mining sector accounted for 21% of the country’s mineral production, with a value of about $10.7 billion while sustaining 27,000 well-paying jobs.
There are more than 600 active mining exploration projects throughout the province.
Currently, Ontario is home to 38 active mines and is Canada’s largest producer of non-fuel minerals.
The minister’s announcement comes only 24 hours after his office released a statement aimed to avoid confrontations with the Kitchenuhmaykoosib Inninuwug (KI) First Nations about prospecting and mineral staking in their lands.
Comments
Ronnyjoejimbob
Yup, folks just aren’t as keen as they used to be about polluting their back yards after what has gone on between Fish Lake, Taseko Mines and Joe Oliver. Not to mention Northern Gateway pipeline and Stephen Harper interference. Folks just ain’t as keen.