TIMMINS – Local residents can take some comfort in the Conference Board of Canada’s Mid-Sized Cities Outlook for 2016. That document, released this week, suggests Timmins’ economy will remain healthy this year, expanding by 1.9%, thanks to continued goods sector strength.
Timmins is one of two Ontario cities examined in the annual document that also looks at key indicators for Sault Ste. Marie, Brandon, Lethbridge, Red Deer, Medicine Hat and Prince George.
In an interview with our Alan S. Hale, Conference Board of Canada associate director Alan Arcand added job growth in Timmins is expected to increase by 7.3% — almost completely offsetting a 7.4% decline experienced in 2015.
“A lot of it is factoring in past trends and the future outlook of macroeconomic variables,” Arcand said.
Gold mining has been the engine that has driven the Timmins economy for more than a century and there is no indication that is about to change any time soon.
With the price of gold well above US$1,300 per ounce, Goldcorp Porcupine Gold Mines announced recently the life span of the Dome mine has been extended to the end of 2016 and beyond.
Tahoe Resources purchase of Lakeshore gold earlier this year provided a financial boost that will allow for the deepening of the shaft at the Bell Creek mine, increased exploration and the expansion of the Bell Creek mill.
In addition, Gowest has advanced to the bulk sampling phase of its very promising North Timmins Gold Project on its Bradshaw property.
The mining sector’s success is expected to raise the fortunes of the transportation and warehousing sector, which are expected to grow by 1.2% this year.
For the rest of this opinion column, click here: http://www.timminspress.com/2016/07/29/local-economy-remains-strong