While the prospects for Canadian investment and the attractiveness for new mine investment are brighter, certain competitiveness metrics remain depressed, highlighting the need for improvements if the country’s mining industry is to reach its full potential.
The Mining Association of Canada (MAC) warns in its ‘Facts and Figures 2019’ report, published on Tuesday, that there are signs that Canada’s leadership position is slipping, potentially jeopardising the country’s ability to seize new opportunities for growth.
For instance, 2019 saw only a modest increase in the value of mining projects planned and under construction from 2010 to 2019. It increased by $8-billion year-on-year, with the total ten-year projected value of $80-billion remaining 50% below the 2014 level of $160-billion.
The report also highlights that from 2007 to 2018, mining direct investment abroad has increased more than threefold – from $25.5-billion to $80-billion – but that mining foreign direct investment into Canada remained stagnant, rising from $23.5-billion to $24.5-billion.
Only five new mining projects were submitted for federal environmental assessment review in 2018, which is “well below” the average levels seen from 2012 to 2014.
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