For several years, investors from around the world have looked to the ‘gold mines’ in Canada’s mining sector. The future of mining in Canada glistens with prosperity. Today, the mining industry is responsible for private sector investments and uncanny job growth. The federal government recognizes the industry’s epic role in the Canadian economy and has continuously supported the industry.
According to the CEO and president of the Mining Association of Canada, Pierre Gratton, the future is bright for Canada’s mining sector with several different benefits that goes far beyond the mining gate and into the communities that it operates. In his speech during the National Mining Week in May, he explained the Canadian mining industry as a true powerhouse. With an impact on the Aboriginal communities and the nation’s north, Gratton was quoted saying that the mining sector “beats in the heart of our cities and in our financial sector”
According to the Library of Parliament Research Publications, “The mining industry contributed $35.6 billion to Canada’s gross domestic product in 2011 and currently employs 320,000 Canadians. Canada is a major producer of potash, coal, iron ore, nickel, copper, gold, zinc, and uranium.”
With three hubs for the mining industry, the future of mining in Canada is only destined to get brighter.
- The Toronto Stock Exchange houses approximately 58% of the world’s publicly traded companies in the mining industry.
- Sudbury is one of the up and coming centres of mining technology and mining supplies.
- Vancouver is a main hub for the sector involving mining exploration.
The Future of Mining in Canada and the Mining Job Market Features Expansion
Indeed, the future of mining in Canada is bright, in spite of the recent market slowing. Like all financial markets and industries, the market for mining is purely cyclical and bound to return to soaring prices. After a decade of an aggressive bull market, the price of commodities declined. For example, in April of 2013 the BBC reported that gold had particularly fallen to its lowest price in two years. In addition, other commodities had also fallen to disappointing prices.
As a response, some companies began to delay projects and slow production. However, recent projections and new developmental projects only reiterate the lucrative nature and boundless possibilities in the future of mining in Canada.
Challenges Facing the Future of Mining in Canada
One of the major challenges facing the sector is the epic retirement of the baby-boomer generation. To replace the large exodus of mining industry workers, the industry must find ways to attract a significant amount of students who have studied and are versed in the study of geoscience. According to projections made by the Mining Industry Human Resources Counsel, depending on the industry’s growth hiring requirements are expected to range from 75,2801 to 141,540 workers by 2021.
To accommodate the new rising demands and to foster the unparalleled growth in the mining sector, Randstad is on the forefront. As the leading Canadian staffer, Randstad Canada is one of the most trusted and designated sources for qualified and experienced workers with experience in geoscience. Click to find out more about mining jobs in Alberta, BC or other areas in Canada.