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Canada launches ambitious mining and metals plan to improve sector competitiveness

Canada’s national organisation for the mining industry, the Mining Association of Canada (MAC), has welcomed a new initiative in support of the country’s minerals and metals industry.

The Canadian Minerals and Metals Plan (CMMP), which includes measures that aim to enhance the sector’s competitiveness, advance the participation of Indigenous communities and promote Canada’s role as a global leader in the mining sector, is an ambitious plan and provides vision that will position the industry for success in the years to come, MAC said.

Pierre Gratton, President and CEO of MAC, said: “We appreciated the opportunity to collaborate with federal, provincial and territorial governments to provide the perspective of Canada’s mining industry throughout the drafting process of the CMMP.”

Amarjeet Sohi (pictured), Canada’s Minister of Natural Resources, presented the plan at the annual Prospectors and Developers Association of Canada event, in Toronto, Canada.

He said: “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 capitalise on its natural and human advantage to ensure our competitiveness in global markets.”

Given the important role Canada’s mining industry plays in the economy and as an employer in communities across the country, addressing the sector’s competitiveness has been an issue of critical importance over the past several years, according to MAC.

“While Canada has long benefited from a prosperous minerals and metals industry, we are not immune to global competitive forces, and cannot take the benefits and opportunities that mining offers Canadians for granted,” Gratton said. “In order to attract greater investment and enhance the competitiveness of the mining sector, the CMMP proposes a number of initiatives, including strategic investments in infrastructure, supporting financing and taxation systems that support exploration, promoting more agile and efficient regulatory systems and investing in Indigenous training initiatives and mining innovation. If all of Canada’s governments take steps to put this plan into action, the competitive landscape for new mineral exploration and mining investment will be much improved.”

As demand for minerals and metals continues to grow, and with Canada a demonstrable leader in sustainable mining practices, there is tremendous potential for the country to position itself as a responsible supplier of the mineral and metal products the world needs, according to MAC.

“While much needs to be done to bolster the sector’s domestic and international leadership, the good news is that Canada already has strong building blocks in place and the commitments in the CMMP are encouraging,” Gratton said. “The federal Fall Economic Statement, which included a five-year renewal of the METC (Mineral Exploration Tax Credit) and enhanced accelerated capital cost treatment for resource projects, was an early example of actions that would make a material difference to Canada’s competitiveness. The governments of Newfoundland and Labrador and British Columbia have already announced new measures to support investment in their mining industries, and we look forward to seeing the full implementation of federal, provincial and territorial action plans in the coming months.”