The Canadian mining industry has continued to grow due to the growing demand for metals and minerals. According to the Mining Association of Canada, the country has been setting mining practices and standards across the world. MAC CEO Pierre Gratton feels that it’s time for the Canadian mining sector to realize its potential and become a dominant force globally.
The country boasts some top miners such as Barrick Gold NYSE: GOLD), Teck Resources Ltd (NYSE: TECK) and First Quantum Minerals Limited (OTCMKTS: FQVLF) among others. Canada is known to be among the safest mining regions globally and it has been lauded for its mining practices especially it’s Towards Sustainable Mining initiative.
Investing in clean energy in mining
The country has been advocating for cleantech in the mining sector and recently local MPPS announces investments geared towards having green mines. The Natural Resources Ministry of Canada indicated that the investment in the Sudbury mining and mineral industry is important as it will help in steering the sector towards a clean energy future.
The ministry announced a $3.5 million investment in two projects with FVT Research receiving $2 million. The battery-electric drive systems manufacturer received the amount for the design, building, and testing of a 14-ton battery-electric drive meant for underground mining operations. This will see most underground mining operations turning from diesel to battery power.
Equally the other $1.5 million will go to the Mining Innovation, Rehabilitation and Applied Research Corporation for the development of a natural exchange heat system through the use of fractured rocks. This will enhance air delivery to underground mines.
Canadian mining industry to hire 80,000 people by 2030
The Canadian Mining industry is currently worth around C$47 billion according to MAC’s latest report. Most of the mining activity is concentrated in British Columbia, Quebec, and Ontario but there has been growing exploration in recent years in the Northwest Territories and Yukon.
The industry is a major player in the economy of Canada and provides more than 626,000 direct and indirect jobs. With the industry growing fast there is also an increase in demand for jobs and in the next decade the industry will offer close to 80,000 jobs. This comes as a result of a retirement wave that is expected to sweep through the sector in the next decade.
How is Canada preparing for workforce shortage in the mining industry
By 2030 around 25% of the current mining workforce will have retired which will represent massive employment opportunities in the sector. Besides retirement, the country is also facing brain drain as skilled workers move to other countries. As a result, retaining Canadian workers and graduates has been a challenge for making recruitment competitive.
However, the federal government has taken various measures to address the challenges which include expansion of the Youth Employment Strategy. It has also continued to address the problem by proposing a Post-Secondary Industry Partnership and Co-operative Placement Initiative and supporting the Indigenous Skill and Employment Training Strategy (ISETS).