Mining to continue boosting growth in Canada’s North – report – by Dorothy Kosich (Mineweb.com – March 15, 2012)

www.mineweb.com

The latest Conference Board of Canada territorial economic forecast says mining has helped economic growth in the territories far surpass that of the rest of Canada.

RENO (MINEWEB) –  A Conference Board of Canada report says the global mining boom will help economic growth in Canada’s three northern territories far surpass that of the rest of Canada in the next two years.
 
“While the global economy is facing challenges that dampen the outlook for many Canadian industries and provinces, demand for metals and non-metals is expected to hold up,” said Marie-Christine Bernard, associate director, forecasting and analysis, for the Conference Board.
 
“The immediate concern for mining industry development in Canada’s North is not so much finding a market, but rather finding the skilled workers to lead these projects forward,” she stressed.
 
Current developments in the resource sector will have long-term impacts on the northern economies, suggests the Conference Board report, “Territorial Outlook: Winter 2012.” 
“Yukon and Nunavut are entering a period of sustained mining growth. Over the past two years, new mines have reached the production stage in both territories, and more are scheduled to start up over the next decade,” said the report. “From 2012 to 2025, mining’s share of the Yukon and Nunavut economies will double.”
 
“The resource sector in the N.W.T. will be more developed, but the mining industry there will also continue to grow in importance over the next decade.”
 
The report also suggested that demographics will play a key role in shaping the North’s economic future. “In Nunavut, a relatively youthful demography will generate strong labour force growth over 2012-25. Yukon’s population will growth somewhat more slowly than the national average. And the Northwest Territories will post weak population growth, as inter-provincial migration is expected to remain negative.”
 
NUNAVUT
 
The Conference Board report found mining exploration in Nunavut reached C$395.5 million last year, “the most for any territory and, relative to GDP, the highest level in Canada.”
 
“With a population of 33,322 in 2011, large-scale mining projects have a considerable effect on Nunavut’s economic performance,” said the study, which suggested Agnico-Eagle’s Meadowbank mine and development and subsequent mining operations at the Meliadine mine and at the Mary River project will keep the territory’s mining industry booming for the next 15 years.
 
“An ongoing challenge will be the effort to bring more Nunavummiut into the mining and construction workforce,” the report advised. “Currently, non-resident workers fill a significant share of the jobs in Nunavut’s resource sector; as a consequence, a large portion of the income generated in Nunavut today ends up leaving the territory.”
 
For the rest of this article, please go to the Mineweb.com website: http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=147371&sn=Detail&pid=102055