Gold price set for biggest weekly jump in 20 months on haven demand
The precious metal has surged around 30% so far this year, supported by healthy central bank buying.
Canada was built on its mining heritage. Today, the industry contributes about $54-billion a year to Canada’s gross domestic product – a driving force of the national economy. Yet mining lags behind other industries in one critical aspect: digital innovation.
That shortcoming significantly threatens the industry’s ability to meet future demands and survive in the digital age. By 2020, 75% of businesses will be a digital business or preparing to become one. Companies that fail to embrace this trend will not survive.
Compounding this challenge, the mining industry faces lower commodity prices and maturing mines that are becoming more expensive to operate and less productive. In 2014, the combined value of the top 40 global mining companies shrank by $156-billion (U.S.), approximately 14 per cent. Last year, Canada’s resources sector (oil, gas and mining) shed 15 per cent of all its jobs, nearly one in six workers. With the Canadian mining sector directly contributing nearly 375,000 jobs, this is a battle the country cannot afford to lose.
