nfld-gold-logo-alt2

Canada’s Mining Sector: the Economic Impact and Innovations

Canada is filled with all sorts of geology, making it one of the best places to discover various minerals. In fact, Canada is dubbed the mining nation, and the fact that it is one of the world’s largest exporters of minerals and metals proves that point. That being said, being one of the more prominent exporters of metals and minerals isn’t the only thing the mining industry is famous for. It has also created a massive economic impact on the communities in the country, opening thousands of jobs and contributing millions of dollars to the economy.

That said, let’s talk about Canada’s mining sector—The economic impacts and the innovation that drives it forward:

How Canada’s Mining Sector Impacted Its Economy

There is no Canadian community that isn’t touched by its mining efforts. According to a study done by the Ontario Mining Association, approximately 4,000 jobs can be created simply from a single new gold mine. Once the construction is done and the production begins, it is said to generate up to $43 million for the economy. In addition to those, over 16,000 indigenous people were employed in the mineral industry alone (in 2016). This accounted for around 11% of the labour force, making it one of the largest private-sector employees in the country.

The Advancements Made to Support the Mining Industry

Apart from its effects on its country’s economy, the mining industry itself is also driving its innovation for its advancement. For example, new technology is being researched and tested to reprocess mining waste that could potentially have around $10 billion worth of minerals and metals. This is done to recover the potential income from the sale of metals and minerals and reduce the total amount of waste produced from mining operations.

Another advancement the mining industry is working on is AI (artificial intelligence) and remote-control technology. Such technologies are aimed at quickly identifying new mines to work in, along with operating mining equipment remotely. This is to cut down the time spent identifying possible areas for new mines and improve workers’ safety by allowing the machine to be controlled without putting the operator’s well-being at risk.

Finally, one of the significant advancements that the industry is working on is implementing hydrogen power to replace its reliance on diesel fuel. This is done to reduce GHG emission footprints in the mines by about 25%, and it is also aimed to help improve workers’ health by reducing their exposure to dangerous diesel exhaust fumes.

Conclusion

With advancements made in Canada’s mining industry and its massive positive impacts on the country’s economics, more and more opportunities will open for future generations to continue this tremendous industry. In fact, the MiHR (Mining Industry Human Resources Council) predicts that over 80,000 workers will be in the industry and hired over the next decade. Regardless, the future looks incredibly bright for Canada’s mining sector with all that’s happening now. With new technologies and more workers, the industry is only going to get bigger, and companies and even individuals who want in should get started right away.

Newfoundland Gold is an alliance of companies focused on mining projects and exploration in Canada’s Newfoundland. If you are interested in joining our network of companies to start mining in Newfoundland, get in touch with us today!

SHARE

Share on facebook
Share on twitter
Share on linkedin
Share on email