Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr
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PDAC ROUNDUP 2013 in corporate taxes and royalties, which means mining is a key source of revenue for the government. "With more than 200 active mines producing 60 different metals and minerals, the sector is the key economic driver for dozens of rural, remote and aboriginal communities across the country," Oliver said. "Though we are seeing near-term softening of markets, the long-term outlook shows healthy long-term prospects for the industry." Oliver highlighted the country's achievements at home and abroad. Canada remained the top destination for exploration spending in 2012, attracting 16% of budgeted spend. In fact, 60% of the publicly-listed mining companies are listed on either the Toronto Stock Exchange (TSX) or the TSX Venture Exchange (TSX-V). Since 2007, more than one-third of global mining equity finance was raised on these two exchanges. "Canada's credit rating is a solid AAA," Oliver said. "For the fifth straight year, the World Economic Forum has ranked Canadian banks as the soundest in the world. We are the only G7 country to recoup all of the jobs lost during the last recession and have added 925,000 new jobs since July 2009." The OECD and the IMF have named Canada among the leaders in economic growth in the next two years. "Few countries are generating natural resource projects on the scale or pace of Canada," Oliver said. "Over the next 10 years, more than 600 major projects worth more than $650 billion will create a once in a generation opportunity for Canadians." Discoveries in Ontario's Ring of Fire, Quebec's North and northern Canada, mean that mining will play a pivotal role in Canada providing economic growth for years to come. The Conference Board of Canada recently released a study stating the metal and mineral output in Canada's North will nearly double from $4.4 billion last year to $8.5 billion in 2020. That will create nearly 17,000 new mining jobs along with 50,000 new jobs in related industries. "Realizing the potential of mining is essential to our government's goal of jobs growth and long-term prosperity for Canadians," Oliver said. "Our goal is to ensure that Canada remains the best place in the world to do business. We are working to ensure that Canada's system of international taxation achieves an www.e-mj.com appropriate balance while protecting the tax base and maintaining Canada's position as a leading jurisdiction for mining companies." The Canadian government understands that mining is not an easy business, Oliver explained. "During periods of financial uncertainty, investors are cautious and companies are left wondering if they will have access to the financing required to get necessary projects under way," Oliver said. "With fluctuating commodity prices, companies cannot risk a lengthy regulatory process. Our government's plan for responsible resource development is making project review more predictable and timely, reducing duplication, improving environmental protection, and enhancing aboriginal consultation. This innovative plan is fundamentally changing Canada's regulatory regime for major natural resource projects to ensure it is among the most efficient, effective and competitive in the world. Our system provides defined timelines for approvals and allows provincial environmental assessment to replace federal assessment as a means to eliminate duplication." While the government is working to improve certainty, Canadian miners are also pursuing innovation to make the industry more competitive. "When operating in a global marketplace, success depends on their ability to compete, sell and invest on competitive terms," Oliver said. "Innovation is the key to improving our economic performance as well as environmental outcomes. Now is the time for the mining industry to demonstrate that economic prosperity and environmental responsibility are not a question of either or. We are working closely with the industry and the Green Mining Initiative to reduce the mining sector's environmental footprint and position Canada as a global leader in responsible mining development." Maximizing Canada's competitive advantage also means ensuring we understand where new opportunities exist, Oliver explained. "That is where geosciences can help," Oliver said. "Since 2008 geo-mapping for energy and minerals has been providing the country with the public geoscience information to make informed land-use and resource management decisions. We have completed 20 projects and finished 34 regional geophysical surveys, and published 644 open-file releases of geoscience data." The program's latest release includes new geophysical data to guide exploration for base and precious metals in the Pelly Lake region of Nunavut as well as new geological maps that provide context for gold and copper occurrences Glenn Nolan, president, PDAC, kicks off the annual convention in Toronto (March 4, 2013). APRIL 2013 • E&MJ; 49