The Mining Association of Canada (MAC) has stressed Canada’s need for more mining investment, citing Australia as an example of a country that had seized opportunities in this area.
Though Canada remained the world’s top destination for non-ferrous exploration spending in 2017, its international competitiveness has slipped in recent years.
Australia’s mining supply sector surpassed Canada’s in 2016, and by 2017, this gap expanded with Australia adding over 200 firms to its list.
In 2018, the Great White North was trailing the Land Down Under by nearly 800 firms, according to statistics from InfoMine.
Falling investment was a pressing concern for Canada’s mining industry, and Australia’s foreign direct investment (FDI) was a particular example to follow, MAC president and chief executive Pierre Gratton said.
“Australia continues to make significant inroads in mining, and in 2017, FDI in Australia was $315 billion, or 37 per cent of the country’s total,” Gratton said.
“In Canada, by contrast, mining FDI was $C28.2 billion [$29.9 billion], or 2.5 per cent of the total.
“Much needs to be done to boost our domestic and international competitiveness in order for Canada to reclaim its position as the global leader in the mining sector.”
Canada’s total value of planned mining projects over the next decade has also reduced from $C160 billion to $C72 billion, representing a 55 per cent drop, since 2014.