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.
The Prospectors and Developers Association of Canada (PDAC) and the Mining Industry Human Resources Council (MiHR) partnered to produce the 2023 Canadian Mineral Exploration HR Outlook. The study offers in-depth labour market information necessary to develop an industry strategy and action plan to address key human resources issues.
The report also evaluates a variety of labour supply and demand factors in mineral exploration and identifies short- and long-term workforce challenges and opportunities facing various groups in the mineral exploration sector.
The study reveals several overarching themes, such as labour demand trends often being disconnected from post-secondary education trends in many key occupations for mineral exploration, e.g., geoscientists. Dwindling or stagnating enrolment trends can also create difficult labour market conditions and skills shortages. This is especially concerning as mining and mineral exploration are poised to expand in the coming decades.
The outlook also shares that among career seekers in mineral exploration, a majority (62%) do not have any exposure to the sector until post-secondary studies or after graduating.
This limits the reach of recruiters and educators within the industry, underscoring the need for a kindergarten to grade 12 outreach strategy. Notably, there is also generally a higher representation of women and immigrants in exploration-related occupations than in the broader mining industry.
A digital copy of the 2023 Canadian Mineral Exploration HR Outlook is here.
