The Mining Association of Canada, the Canadian Mineral Industry Federation and the Canadian Prospectors & Developers Association have urged the Mines Minsters to act so as to ensure that the country remains competitive globally in mining so that it can continue attracting mineral investments. The call for action was issued on behalf of the CMIF which is an alliance of 20 territorial, provincial and national associations.
Canada is a country that is rich in mineral resources and the CMIF has submitted a brief that proposes a number of recommendations that should be implemented to revitalize the mining industry. Some of the main mining companies in the country include Teck Resources Ltd (NYSE:TECK), Barrick Gold Corp (NYSE:GOLD) and First Quantum Minerals Limited (OTCMKTS:FDVLF).
Natural Resources Canada issued the Canadian Minerals and Metals Plan which specifies the areas of collaboration between the provincial and regional governments as well as the action. Although the country has enjoyed a prosperous industry for some time, Canada is still not immune to global competitiveness and it has fallen short of taking advantage of the exploration and mining opportunities available. The CMIF gave the following strategic recommendations in the CMMP to help in the ambitious plan of making Canada a force in the mining sector.
Enhancing regulatory certainty, economic development and investment competitiveness
Since there is enhanced competition globally for limited mining and exploration development investments the CMMP proposed measures such as comprehensive regulation of the sector. This should include the implementation of a Federal Impact Assessment Act, proper access to potential mines as well as expansion of investments in far-flung infrastructure. Equally the country’s tax regime should be reviewed supplement the country’s investment appeal.
Involvement of indigenous communities in mining activities
Although the mineral industry in Canada leads involvement of indigenous community partnerships and engagement it could still benefit from government support to enhance partnerships through social investments in health, housing and education.
The mining industry in Canada is well positioned to reducing carbon emission to the environment through use of clean technology and innovations in manufacturing and transportation. The mineral industry should play a pivotal role in mitigating climate change as well as enhancing sustainability of the environment.
Use of technology and innovations
Innovations and technological advancements are driving the mineral and mining industry. The government should therefore enhance innovations in the industry which include mine electrification. Investing in new mining techniques and technology can bring the necessary impetus in the industry by ensuring there is business productivity while at the same time there is environmental sustainability and energy efficiency.
The government needs to expand market access by having free investment and trade agreements for the mineral industry. As a global leader Canada does responsible business which should be supported by the government to enhance the country’s development goals in expanding mineral exploration and mining activity.
Investment in skills training and human resources is vital for the mining industry that is expected to provide jobs for over 100,000 workers in the next decade. Therefore collaboration between the government, educational institutions and industry players is essential to ensure necessary skills are passed to new entrants. Government should work to support initiatives addressing diversity and inclusion barriers in the mining industry.