Many have seen Charlie Chaplin’s The Gold Rush. Although it was fiction, it reflected how gold altered the life of the miners. Some changes were instantaneous, while others can be felt until now.
We have become more aware of climate change than our ancestors. This realization may have been brought about by the fact that we feel its effects directly. It led to numerous legislations to limit the carbon footprint of the Canadian gold sector.
Many believe that gold mining contributes a substantial amount of greenhouse gas. Although it is way lesser than we assume, it is not negligible. Like fossil fuels, it plays a significant role in the economy.
As we face the impending economic disaster predicted by many economists, let us look at the Canadian gold sector. Is it a villain in this story? Or an unsung hero?
Why Is It Attractive?
People have always considered gold the precious metal of choice for thousands of years. With its high value-to-weight ratio and resistance to corrosion, gold was the economical choice in many situations.
It is why it became the currency of choice. It was also the most valuable metal used by the Romans and the Mayans. It is a haven in times of economic uncertainty. From these perspectives, gold is an essential asset in any portfolio.
As a stakeholder, you are concerned about the value of gold. Unlike other forms of investment, it is limited in quantity. The geological process controls the supply of gold.
What Is Its Contribution to the Canadian Economy?
The Canadian gold sector contributed 28% to mineral production in 2019. A significant amount makes the gold industry an essential part of the Canadian economy.
In addition, the Canadian gold mining industry employs roughly 4,000 people in Newfoundland and Labrador. It includes the mining, refining, and exploration sectors. High-quality jobs created by this sector offer the best wages in Canada.
The Ontario Mining Association (OMA) mentioned that the Canadian gold mining industry is the largest private-sector employer of Indigenous Canadians in Ontario alone. Its contribution to the Canadian economy makes gold one of the primary Canadian exports.
The Environmental Factor
According to the McKinsey Global Institute, the mining industry is responsible for 4 to 7% of the global greenhouse gas. Perhaps the mining industry is more of a scapegoat than the actual cause. Gold only contributes 0.3% of annual global emissions.
However, it is significant considering that an increase of 1.5-degrees Celsius will expose 14% of the entire population to severe heat waves. The Canadian gold mining industry is continually developing efficient techniques to prevent any significant contribution to the environmental crises. Advanced technology and best practices are essential for the Canadian gold industry.
The Canadian gold industry works hard to protect the environment while supporting the sustainability of natural resources. By implementing best practices to reduce their carbon footprint, the Canadian gold mining industry has become an essential part of Canada’s efforts to protect the environment.
The Canadian gold sector stands out as an excellent choice if looking for investment opportunities. It is a significant contributor to the Canadian economy. It deserves your serious consideration.
Once you weigh the factors and want to invest in the Canadian gold sector, you should contact Newfoundland Gold. We understand the precarious balance between economic growth and environmental responsibility. This awareness compels us to continually seek sustainable mining practices. Contact us now for more information!