Canada releases Canadian Minerals and Metals Plan (CMMP) at PDAC

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    Canadian Minerals and Metals at PDAC

    MiningIR, Toronto.

    The Canadian government officially released their long anticipated Canadian Minerals and Metals Plan at the Prospectors and Developers Conference in Toronto on Sunday, 3rd March.

    The plan is now available for download from the Canadian Mineral and Metals plan website.

    Officially launched by the Natural Resources minister Amarjeet Sohi, the plan is aimed at addressing six key issues identified during a two year period of stakeholder engagement exercises.

    These issues are:

    Economic Development and Competitiveness: Canada’s business and innovation environment for the minerals sector is the world’s most competitive and most attractive for investment;
    Advancing the participation of Indigenous Peoples: Increased economic opportunities for Indigenous Peoples and supporting the process of reconciliation;
    The Environment: The protection of Canada’s natural environment underpins a responsible, competitive industry. Canada is a leader in building public trust, developing tomorrow’s low-footprint mines and managing the legacy of past activities;
    Science, Technology and Innovation: A modern and innovative industry supported by world-leading science and technology—across all phases of the mineral development cycle;
    Communities: Communities welcome sustainable mineral development activities for the benefits they deliver; and
    Global Leadership: A sharpened competitive edge and increased global leadership for Canada.

    Sohi commented “In a world increasingly looking for sustainably and responsibly sourced mineral products, Canada is unmatched. As global demand for sustainably developed resources grows, Canada must continue to capitalize on its natural and human advantage to ensure our competitiveness in global markets.”

    It’s a good opportunity to focus on the importance of mining to Canada. In 2017, mineral production totalled approximately $44 billion. Canada produces some 60 minerals and metals at 200 active mines and 7,000 pits and quarries. The minerals sector (which includes exploration, mining and related support activities, primary processing, and downstream product manufacturing) accounts for 19% of Canada’s total domestic exports, and accounts for 5% of nominal Gross Domestic Product (GDP).

    Getting a national plan to support the industry is critical. Of note is the fact that as yet the plan has not been endorsed by Minister’s from Ontario and Saskatchewan.

    Greg Rickford, Minister of Energy, Northern Development and Mines, and Bronwyn Eyre, Saskatchewan’s Minister of Energy and Resources, issued a joint statement, saying they felt the Canadian Minerals and Metals Plan failed to adequately address competitiveness and economic challenges.

    “The federal government has released its Canadian Minerals and Metals Plan (CMMP) to identify opportunities for the Canadian mining industry, with the goal of positioning Canada as a leading nation in mineral development.

    However, in recent years, Canada’s mineral sector has faced severe economic challenges. And while Ontario and Saskatchewan agree with some of the elements covered in the CMMP, we believe this plan needed to specifically address economic and competitiveness challenges and send a strong message to investors around the world that Canada is prepared to take real action to support our mining sector.

    Unfortunately, this plan does neither. As such, Ontario and Saskatchewan do not endorse the CMMP.”

    Disclaimer
    MiningIR host a variety of articles from a range of sources, our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.

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