Mineral Exploration Investment Hits Record Billion Dollar Level
McGuinty Government Supports Mining Sector, Creates Jobs
Investment in mineral exploration in Ontario in 2011 surpassed $1 billion for the first time, driving economic activity and creating jobs.
“Record levels of investment in mineral exploration are a product of our world class geological endowment and our superior investment climate,” says Rick Bartolucci, Minister of Northern Development and Mines.
“The job creation and economic activity generated by the mining industry are important as our government works to eliminate the deficit and deliver key services to all Ontarians.”
Ontario leads all Canadian jurisdictions in mineral exploration, with 26 per cent of the country’s exploration investment activity located within the province. In the search for new mines, the mineral development industry invests in a wide array of supplies and services, including heavy equipment rentals, diamond drilling services, laboratory services, and claim staking and geological services.
Supporting a successful mining sector is part of the McGuinty government's plan to create new jobs for Ontario families and to strengthen the economy.
• A single new mine in Ontario can generate 2,280 jobs and contribute $278 million to the economy.
• Ontario’s mining sector accounted for 21 per cent of the country’s mineral production in 2011 with a value of about $10.7 billion while sustaining 27,000 well-paying jobs.
• There are more than 600 active mining exploration projects throughout the province.
• Ontario’s market share of exploration investments within Canada has climbed from 20 per cent in 2007 to 26 per cent in 2011.
• Ontario is home to 38 active mines and is the country’s largest producer of non-fuel minerals.
Posted March 5th, 2012