The mining industry in Canada should continue to flourish despite global market volatility, Mining Association of Canada president Pierre Gratton told the Vancouver Board of Trade Friday.
Gratton said the mining sector is expected to invest $140 billion in Canada over the next five years to 10 years. Roughly $30 billion of that will be in B.C., where several new mines or mine expansions are planned.
A major consumer of B.C. coking coal and copper, China’s economic growth is expected to slow to 7.6% in the second quarter, Gratton said. Despite that slowdown, Gratton said regulatory reform in Canada, investment in infrastructure and improved trade relations with countries like China should keep Canada’s mining sector competitive.
“China will continue to drive demand for minerals and metals well into the future, and is being followed by a number of emerging nations such as India and Brazil,” Gratton told the board.
“The mining supercycle is not over – it is taking a pause. This is the nature of the mining business, which is cyclical. The industry is generally better prepared for the current slowdown compared to last time, which was much more dramatic.”
