"Once-mighty Canadian mining losing ground to global competitors"
From Mining.com:
Canada is in danger of losing its global dominance in mining, despite
recent government initiatives to improve competitiveness, according to a
report from an industry association.
The report, by the Mining Association of Canada, comes as debate
about the hollowing out of the country’s mining sector grows.
Mega-mergers by Canada’s two largest gold companies, Barrick Gold Corp.
and Goldcorp Inc., stand to erode its global influence.
The Barrick tie-up, with Channel Islands-based Randgold Resources
Ltd., has already resulted in job cuts and further decentralization away
from Canada, a trend that will likely increase under Barrick’s newly
inked joint-venture in Nevada with Newmont Mining Corp. Meanwhile,
Newmont’s proposed takeover of Goldcorp will see the combined entity
headquartered in Colorado, with only a regional office remaining in
Vancouver.
“For decades, our industry has been a leader in the production of
minerals and metals. A leader in mining services and supplies. A leader
in mine finance. A leader in sustainability and safety, but that
position is in jeopardy and will be lost without continued, decisive
action at both the federal and provincial levels,” Pierre Gratton, chief
executive officer of the association said in a news release.
Among the key findings in the report:
- Canada’s share of international exploration spending has fallen for six years in a row
- Over five years, the country has lost its ‘top five’ ranking as a
producer in seven out of 16 commodities where it held that position
- Capital investment in the mining sector has fallen every year since 2012...
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