To: The Honourable Dwight Duncan
Minister of Finance
c/o Budget Secretariat
Frost Building North, 3rd floor
95 Grosvenor Street
Toronto, Ontario, M7A 1Z1
Dear Minister Duncan
The Ontario mining industry has enjoyed — until recently — one of the most prosperous and lengthiest periods of its history of making contributions to the society and economy of this province. However, the current economic circumstances which are dominating the news are providing challenges for individuals, companies, entire industries and governments alike.
Mining operates in the real world of global markets. When commodity prices fall, companies must reduce spending to be in line with existing market realities. That is why we have seen companies trimming budgets and capital expenditures and in some cases shutting down production. Junior mining exploration companies are finding it difficult – if not impossible – to raise capital as are mineral producers.
The mining industry in Ontario has gone from full speed ahead to produce and sell mineral products around the world to a moving forward by navigating more cautiously through changing economics and shifting markets. The precipitous fall in the prices of Ontario’s main mineral products illustrates this point.
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