Canada Reigns as Mining Power House with $244 Billion in Active Projects
When it comes to mining project development, Canada remains the No. 1 country in the world. According to Industrial Info's Mining Market Intelligence Platform, which monitors mining projects globally, there are 1,282 active mining projects in North America representing $334 billion in total investment value (TIV).
These projects are in a variety of stages, ranging from the early planning to construction. Resource-rich Canada currently accounts for 73% of the value of active mining projects in North America, with 515 projects representing $244 billion TIV.
The mining industry has stabilized from a multi-year downturn. Demand started improving toward the end of 2015, and 2016 marked a noted improvement in most mined commodity prices, including iron ore and copper. Industry optimism is gaining momentum, and many mining firms are increasing capital expenditures and re-evaluating projects that had been on hold during the downturn.
Within Canada, Quebec is one of the bright spots for project development with $51 billion worth of mining projects planned. Quebec's mining projects are getting support from government programs like Plan Nord and Quebec's 10-year, $88 billion infrastructure program aimed at attracting investment.
Earlier this month, the government of Quebec signed a memorandum of understanding with Tata Steel Minerals Canada (Montreal, Quebec) and Quebec Iron Ore (Montreal) to develop rail, port and industrial facilities at Pointe-Noire, Sept-Iles, Quebec. Tata Steel Minerals Canada has operations in Pointe Noire and a mine in Quebec, and is developing projects in Quebec and Newfoundland. Quebec Iron Ore, a subsidiary of Champion Iron Incorporated (Rozelle, Australia), is hoping to restart mining operations at Bloom Lake Iron Ore Mine, which was placed on care and maintenance in 2015.
Industrial Info will be exhibiting at the CIM Expo 2017 being held April 30 to May 2, 2017, in Montreal, Quebec. Come by and visit us at booth #605 to learn more about Mining Projects worldwide. Click here for more information.
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