Mining exploration in the province is down more than half from what it was a few years ago, says the head of the Ontario Prospectors Association.
While Ontario announced $1 billion in exploration in 2011, OPA executive director Garry Clark that number included development. True exploration was really closer to $450 million. But today, the province would be lucky if exploration in Ontario is $250 million, the worst Clark has ever seen.
“It’s probably the slowest exploration year we’ve had,” he said. “A lot of people are scared to invest in high risk things right now.”
Typically prospectors would head to other provinces or countries to find work but Clark said lately it’s been slow all over the world. Closer to home, that means a lot of prospectors, drillers and other industry professionals are looking for work.
That also means there’s no one out there making discoveries in the region that could one day turn into mines. “If you don’t have people kicking rocks and drilling diamond drill holes you’ll end up with a glut of time where you don’t have new projects coming on stream,” Clark said.