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MAC Facts & Figures 2016 released - A return to optimism in mining puts Canada at a crossroads

by: Ryan McEachern

24/2/2017 -

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MAC Facts & Figures 2016 released - A return to optimism in mining puts Canada at a crossroads 
 

Mining Association of Canada or MAC's annual flagship publication Facts & Figures 2016 was recently released. Confirming our views and observations of the industry over the past year, MAC noted this year the change of mining company strategies moving from one of austerity to one of growth. However, it is not without a clear warning to the Canadian mining industry here at home.

Pierre Gratton, President and CEO of MAC stated, “Very simply, Canada is not as attractive as it used to be for mineral investment, and competition for those dollars is growing globally. The recent elimination of federal mining tax incentives, regulatory delays and uncertainty, combined with major infrastructure deficits in northern Canada are all contributing factors that can explain Canada's declining attractiveness. The time is now to put the right policy pieces in place to better compete for those investments and regain our leadership in mining.”

Highlights of the report included:

  • Foreign direct investment into Canada’s mining sector dropped by more than 50 percent year-over-year in 2015
  • Canadian mining direct investment abroad, which only experienced a 6 percent decline
  • Australia took first place for the largest share of global exploration spend
  • No new mining projects entered the federal environmental assessment stage in 2016
  • Mining industry was still a strong economic contributor with $56 billion of Canada's GDP or 19% of all goods exported.
  • Approximately 560,000 people employed directly and indirectly in the mining industry
  • Mining industry remains the largest private sector employer of Indigenous people
  • Estimated that more than 3,700 companies supplying goods and services to the Canadian mining industry

For more information and a copy of the report go to Facts & Figures 2016

 

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