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TORONTO (miningweekly.com) – The Canadian Ministry of Natural Resources has used the world’s largest gathering of miners, the Prospectors and Developers Association of Canada’s (PDAC’s) International Convention, Trade Show and Investors Exchange to once more throw its full weight behind the mining industry.
Speaking at the convention’s opening ceremony earlier this week, Natural Resources Minister Joe Oliver called Canada the mining capital of the world, and highlighted the federal government’s actions taken to strengthen and grow the mining industry.
He said that government’s Responsible Resource Development plan ensured world-class environmental protection while providing certainty for investors; a $100-million commitment over the next seven years for the geomapping for energy and minerals initiative would help exploration companies find deposits and create jobs; the extension of the mineral exploration tax credit in Economic Action Plan 2014 had helped junior exploration companies raise $5-billion in capital; and that government was pursuing an aggressive international free trade agenda, by concluding a comprehensive free trade deal with the European Union – the largest economy in the world.
Oliver also discussed the government’s efforts to implement transparency and accountability through mandatory reporting standards for Canadian extractive companies. He encouraged provinces and territories to play a leadership role and enact their own equivalent legislation, but noted that if equivalent standards were not implemented, the federal government would enact legislation by April 1, 2015, to move this initiative forward.
While at the PDAC convention, Oliver moderated a roundtable with Prime Minister Stephen Harper and the mining industry to discuss responsible resource development and the current challenges and opportunities facing the industry. He also hosted a roundtable discussion with junior mining companies to promote the benefits of geoscience and discuss issues facing the junior sector. He also hosted a roundtable with major and midtier companies.
“Mining creates jobs, growth, and long-term prosperity across the country. That is why our government is such a strong supporter of this industry. Together, we will ensure that Canada remains the mining capital of the world – now and in the future,” he said.
Canada is a global leader in mining. Close to 60% of the world’s publicly traded mining and exploration companies are listed on Canadian stock exchanges, and more than 70% of the world’s equity financing for mineral exploration was raised by companies listed in Canada.
The country’s mining and mineral processing contributed about C$60-billion to the Canadian gross domestic product, provided employment to about 400 000 Canadians, including more than 10 000 Aboriginal people, and accounted for more than 20% of Canada’s exports.
Supporting this, Bloomberg had recently ranked Canada second only to Hong Kong as the world’s most attractive country for business.
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