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.
Canada’s federal government told mining professionals Monday it is vital to assume a collaborative approach to the development of the Ring of Fire in Ontario.
As the minister for FedNor — the regional development organization for northern Ontario — Tony Clement was speaking to representatives at the annual convention of the Canadian Institute of Mining, Metallurgy and Petroleum.
He said the government would work closely with First Nation communities to ensure they receive their share of the economic benefits. As well, he said the government would implement efficient governance, environmental protection and consultation with First Nations.
The Ring of Fire, located approximately 500 kilometres northeast of Thunder Bay, is potentially the largest mining development in northern Ontario.
Image: By World Economic Forum from Cologny, Switzerland (Annual Meeting of the New Champions Tianjin 2010) [CC-BY-SA-2.0], via Wikimedia Commons
North America’s single largest deposit of chromite, used in stainless steel, is found there, along with major deposits of nickel and copper.
Mining the region could create 5,000 jobs in the area with the estimated minerals worth about $30 to $50 billion.
Image: World Economic Forum, via Wikimedia Commons
