THE IMPORTANCE OF THE MINING SECTOR TO THE CANADIAN ECONOMY

By: Scott Bahr

As the world was thrown into a state of upheaval this past year and a half due to COVID-19, Canada’s mining sector was set in a whole new light. In particular, we saw just how integral this industry is to the nation’s overall well-being.

Thankfully, since the Canadian mining sector was considered essential throughout the pandemic, we were able to keep working and pushing through, keeping people employed. During this trying time, the entire industry as a whole has been doing its part to try to help the Canadian economy not just survive but to recover and once again thrive.

We at Bit Service wanted to dedicate this article to looking deeper into the current landscape of mining in Canada and shed some light on where we see the industry heading as we move forward into a new normal together.

IMPORTANCE OF CANADIAN MINING

As mentioned above, never before has an era in time made the importance of mining to the Canadian economy and people so clear. Samantha Espley, now past president of the Canadian Institute of Mining, Metallurgy & Petroleum (CIM), shared similar sentiments in a report, where she stated that “the pandemic has highlighted the essential nature of the industry.” Simply put: Canada needs mining.

ESSENTIAL MINERALS AND MATERIALS FOR ESSENTIAL PRODUCTS

Think about it. Everything from everyday consumer products (toothpaste, bicycles, electronics, etc.) to the things we rely upon on a much grander scale (buildings, vehicles, transportation networks, food production) is made possible thanks to the minerals and metals found in Canadian soil. We would not have these materials without the Canadian miners.

JOB CREATION

The minerals sector alone employs 626,000 Canadians. It is also the largest private-sector industrial employer of Indigenous peoples. And by extension, when you think about it, the mines provide the materials that keep the entire nation’s engine running. So every business that has been able to keep its supplies coming in and its doors open (employees still employed) is a nod to the industry’s sustaining ability as well.

Statistics backing up this assertion can be found in the Mining Association of Canada (MAC) annual Facts & Figures report. It showed how COVID-19 only served to heighten the demand for minerals and metals, thus thrusting Canada’s mining industry into a vital leadership role in the nation’s economic recovery efforts on a global scale.

Pierre Gratton, MAC’s President and CEO, said it best in the Mining Association of Canada (MAC) annual Facts & Figures report. “The COVID-19 pandemic has underscored the significant role the mining sector plays in ensuring the materials people and businesses need now more than ever are both available and responsibly sourced.” He also added that the demand for minerals and metals is only expected to grow as both the Canadian and global economies recover from the COVID-related downturn.

RECOVERY EFFORTS AND MOVING FORWARD

The mining industry does not just want to help sustain Canada throughout this global crisis. Instead, we believe that the industry will be the key to help Canada economically recover from all of this. As businesses across the nation slowly begin to reopen their doors—and medical facilities and technology firms continue to need supplies and equipment as they grapple with meeting the present demands—they will all be relying on the mines (and miners) to supply them with the materials that are essential to their daily needs.

To learn more about mining and how we are aiding in the post-COVID economic recovery efforts, and more, reach out to us today.