Federal Minister of Natural Resources Jim Carr, speaking at the opening ceremonies of the Prospectors and Developers Association of Canada 2017 convention, announced a new geological data base on the Ring of Fire, that will help mining companies identify ore bodies more readily and with less cost.
The database was produced in partnership with the Ontario Government.
“I am pleased to welcome you, this morning amid encouraging signs for mineral exploration," said Carr.
Some commodity prices have already started to rally and rebound and confidence is heading in the right direction according to Minister Carr.
“This is illustrated by our annual survey of spending intentions, as found among Canada’s miners, including the junior mining exploration sector intend to increase their spending this year, something we haven’t seen since 2011” he said. "This points to the industry’s resilience."
“Prices have increased since 2011 and point to the industry’s resilience,” he said. “We have reached a pivotal moment.”
“At a time when climate change has emerged as one of the great challenges of our generation, when environmental responsibility is essential to economic development, no relationship can be as important to the one we have with our Indigenous people," Carr declared.
Canada and the mining industry have a long tradition to rising to these challenges by focusing on: innovation; environmental performance; indigenous people's engagement in mining exploration and corporate and social responsibility.
“They don’t just embrace they future, the ensure it,” said Carr.
“That is what I want to talk to you about today,” Carr stated. “We we can work together in partnership to ensure the transition to a global economic without carbon."
Mining understands this more and today, mineral exploration and mining industries are driven by geo-mapping and robotics,” explained Carr. “These are operations that increasingly green and efficient green technology.
“Our government is eager to help by providing incentives for new investments, that support new mineral discoveries and support long term sustainable mining development,” said Carr. " All build on an a commitment invest to build clean technology and ensuring regulatory certainty."
Some of these programs are in place such as the in place such as the targeted geoscience initiatives and the geomapping for energy and minerals deposits.
“If we don’t support grass roots exploration we won’t have tomorrows mines or the jobs that come with it? Carr asked the room.
"That’s why NRCanada will be joining the province of Ontario to release new geology maps and related data from the Ring of Fire," he said." This information will allow junior mining companies to explore the rich mineral area leading to enduring jobs and prosperity for the indigenous people in the area, the people of Ontario and Canada".
Around the world Canada has developed a solid reputation for being a leader in the mining field for its expertise and cutting edge knowledge.
Last year Canada was awarded the best country award at the Mines and Mining Conference in London, England.
This reputation was also recognized in the Fraser Institutes Mining Survey, where Saskatchewan was found Saskatchewan and Manitoba as the top two places fro mining and mining exploration in Canada. Quebec was number seven.
A few weeks ago Canada signed a Canada-Mexico memo of understanding in mining. This MOU offers is a template for future bilateral agreements between the two countries and mining companies. It will boost trade and ensure best practices.
Mining when done right produces job, infrastructure development and social benefits arise.
The development of the electric car by Tesla and Google have created an increased need for nickel and rare earth elements to help companies in developing batteries that will power electrical cars. Canada is ideally situated to play a vital role in providing Google and Tesla a stable democracy, respect for private property and rule of law according to Jim Carr.
"We have included our indigenous populations in mining projects, and have ensured that they are engaged earlier and consult," said Carr.
"There are 380 agreements in Canada between indigenous people and mining companies. Mining provides key benefits in employment, training and community development and environmental development.
The mining sector in Canada is the largest employer of indigenous people in Canada with more than 10,000 people employed in exploration, mining and land reclamation.
"Our government wants to build on this success and renewed relations based on the recognition of rights, cooperation, respect and partnership. "said Carr. " We want to ensure that indigenous people are meaningfully consulted and traditional knowledge fully employed in mining
Last night the minister also announced the extension of the mineral exploration tax credit one more year until March, 2018. The 15 percent mineral exploration tax credit helps junior exploration companies find and lead to the development of future mines.
The tax credit helps investors fund these exploration projects In 2015 alone more than 200 companies in Canada issued flow through shares that are eligible for this credit.
"Extending this tax credit will ensure future prosperity as they create future mines and jobs," said Carr.