Mining Sector Capital Investment Surged 5% in Canada

SEATTLE (Scrap Monster): The Mining Association of Canada (MAC) announced publication of its annual Facts & Figures report, detailing mining sector activities during 2018.

According to the report, Canada’s mining industry was valued at $105 billion in 2018. Also, mineral exports accounted for almost 19% of Canada’s total exports. In 2018, Canada’s mining industry contributed C$97 billion to the country’s economy. Moreover, the industry employed nearly 620,000 direct and indirect employees. The report notes that mining industry continues to be the largest private sector job provider to the indigenous community. A total of 16,600 jobs were offered to community members in 2018. MAC report noted.

Although the industry has registered improved competitiveness over the prior year, there are a few areas where the metrics continue to remain depressed. The report focuses on areas where the industry has still room to improve.

The mining sector capital investment recorded modest increase by 5% to C$12.9 billion. It must be noted that the investment had recorded decline in all the prior five years. However, only five new mining projects were submitted for review in 2019, which is significantly below the average levels in past few years.

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