Founded in 1898, the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is a technical society of professionals in the Canadian minerals, metals, materials and energy industries.
Paul Stothart is vice-president, economic affairs, at the Mining Association of Canada. He is responsible for advancing the industry’s interests regarding federal tax, trade, investment, transport and energy issues.
The single most important contribution that companies can make to Canada is in the form of capital expenditure. In the mining sphere, capital spending pays for new mine construction and increases to existing mine capacity. It generates process and technology improvements and the modernization and expansion of mills, smelters and refineries.
It leads to the implementation of new product lines and improved energy efficiency and environmental performance. When companies commit to a particular capital spending program, the direct result is new jobs, contracts and production, as well as more modern and productive facilities.
Capital spending plans are driven by an array of variables, including: projected future global market demand and mineral price trends; degree of confidence in existing plant capacity; level of comfort with host government rules and regulations; and the state of a company’s existing financing capabilities.