Canada’s mining industry has the potential to make almost $140 billion of capital investment in Canada over the next five years and it’s anticipated Saskatchewan will benefit from more than$50 billion of capital investment over the next two decades. Mining is a $7.1 billion industry in Saskatchewan and the province benefited from $3.1 billion in capital expenditures in 2010, the largest recipient of mining investment inCanada last year.
Those are two of the messages Pierre Gratton, President and CEO of The Mining Association of Canada (MAC) and Pam Schwann, Executive Director of the Saskatchewan Mining Association will be delivering today at a luncheon presented by the Greater Saskatoon Chamber of Commerce, the Saskatchewan Chamber of Commerce and and the North Saskatoon Business Association. Gratton and Schwann will discuss the strength of the Canadian and Saskatchewan mining industries and the economic benefits the sector will bring to the province and the country.
“Canada and Saskatchewan are blessed with a diverse abundance of natural resources that are in demand from growing global economies, positioning both province and country for continued long-term growth,” says Gratton, President and CEO of MAC. “However, our focus cannot solely rest on the economic benefits mining brings. Our industry must continue its commitment to building a responsible and sustainable industry that meets the highest standards of social and environmental stewardship.”
The value of mineral production has tripled in the last decade and was valued by the Government of Saskatchewan at more than $6.8 billion in 2010, with mineral exploration expenditures at $319 million. Mineral exploration spending intentions in 2011 are estimated at approximately $280 million and potash companies have announced almost $13 billion worth of expansions to their existing mines by 2020.
“Saskatchewan is a resource-rich powerhouse in mineral production, both in Canada and globally,” says Schwann, Executive Director of the Saskatchewan Mining Association. “Potash is Canada’s number one mineral being produced by value of production, and potash producers account for more than 30 percent of global production. We’re the world’s second leading producer of uranium, being home to the richest uranium deposits in the world and responsible for approximately 20 percent of worldwide production. And we’re the third largest producer of coal in Canada, with a growing number of gold mines.”
The mining industry is a key driver in the growth of the provincial economy, serving as an economic development engine for rural and northern communities through employment and business opportunities. Currently 27 mine facilities operate in Saskatchewan and the sector provides more than 30,500 direct and indirect jobs, with mining-related employment accounting for one in 16 jobs in the province. Within the next ten years, the Saskatchewan Mining Association anticipates the industry will require 15,000 additional workers.
Both Gratton and Schwann will also focus on what has to happen to take full advantage of the growth opportunities in Saskatchewan, including deepening industry and government partnerships with First Nations and Métis people, making sure Canada’s transportation infrastructure is efficient and cost-effective and ensuring the industry can meet regulatory obligations in a timely manner.
About the Mining Association of Canada
The Mining Association of Canada (MAC) is the trusted national voice of Canada’s mining and mineral processing industry. Since 1935, MAC has supported and promoted the mining industry providing leadership, sharing resources and continuing to build, strengthen and engage the industry through advocacy, stewardship and collaboration. The Association places a high priority on corporate social responsibility, and through initiatives like “Towards Sustainable Mining” addresses issues surrounding sustainability and governing policies in a collaborative, progressive way. For more information about The Mining Association of Canada, please visit www.mining.ca
About the Saskatchewan Mining Association
The Saskatchewan Mining Association (SMA) is an industry-funded organization that has been in existence for 45 years. The SMA represents the collective needs and interests of mining and exploration companies operating in Saskatchewan, and in doing so has come to be regarded as the voice of mining and exploration in Saskatchewan. The SMA has three main functions: government relations, public awareness and member development. For more information about the Saskatchewan Mining Association, please visit www.saskmining.ca