VIDEO: Canada Called Mining Capital of the World by NRCAN Minister Joe Oliver

Canada’s Minister of Natural Resources, the Honourable Joe Oliver, speaking at the Prospectors and Developers Association of Canada Convention outlined the Harper government’s actions in support of the mining industry in Canada and underscore its commitment to foster a strong mineral and mining sector.

Minister Oliver called Canada one of the most attractive countries in the world for business and investment and referred to Canada as the mining capital of the world.

 “Mining creates jobs, growth, and long-term prosperity across the country,” Oliver told the PDAC audience, “That is why our Government is such a strong supporter of this industry. Together, we will ensure that Canada remains the mining capital of the world – now and in the future.”

Federal Government Actions In Support of Mining

The Minister pointed to the following actions to highlight what the Harper government has done to strengthen and grow the mining industry:

a) the Government’s plan for Responsible Resource Development, ensuring world-class environmental protection while providing certainty for investors;

b  a $100 million commitment over the next seven years for the Geo-Mapping for Energy and Minerals (GEM) Plan, helping exploration companies find deposits and create jobs;

c)  extending the Mineral Exploration Tax Credit in Economic Action Plan 2014, which has helped junior exploration companies raise $5 billion in capital;

d) and pursuing an aggressive international free trade agenda, including the conclusion of a comprehensive free trade deal with the European Union – the largest economy in the world

Plan for Transparency and Accountability

Minister Oliver also discussed the Government’s efforts to implement transparency and accountability through mandatory reporting standards for Canadian extractive companies. He encouraged provinces and territories to play a leadership role and enact their own equivalent legislation, but noted that if equivalent standards are not implemented the federal government will enact legislation by April 1, 2015, to move this initiative forward.

In addition, Minister Oliver hosted a roundtable discussion with junior mining companies to promote the benefits of geoscience and discuss issues facing the junior sector. He also hosted a roundtable with major and mid-tier companies.

Canada Is a Global Leader in Mining

Canada is a global leader in mining. Close to 60 per cent of the world’s publicly traded mining and exploration companies are listed on Canadian stock exchanges, and over 70 per cent of the world’s equity financing for mineral exploration was raised by companies listed in Canada.

Canadian mining and mineral processing contributes $60 billion to our GDP, provides employment to about 400,000 Canadians, including over 10,000 Aboriginal people, and accounts for over 20 per cent of Canada’s exports.

Bloomberg recently ranked Canada second only to Hong Kong as the world's most attractive country for business.

Companies Must Report Payments of Over $100,000

The pan-Canadian approach to mandatory reporting standards developed by the Government would require Canadian extractive companies to publicly report payments over $100,000 to all levels of government both domestically and internationally. The approach would ensure equivalency with other jurisdictions – both at home and abroad. Reports would be posted to company websites, and the public would be notified.