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Mining in Ontario and Toronto's Global Reach 2019
As the global mining industry continues on its path of recovery after a downturn that spanned half a decade, Ontario, as Canada’s largest producer of commodities with C$9.9 billion of mineral production in 2017, is primed to take advantage as optimism returns. However, financing has not flooded back to all sectors of the industry, with cannabis, cryptocurrencies and blockchain dominating the attention of the Canadian stock exchanges. While majors focus on extending mine-life though brownfield expansions, the hunt for new world-class deposits gathers pace, as Toronto-based juniors ramp-up exploration in jurisdictions across the globe. Parallel to this, Ontario has positioned itself at the forefront of mining innovation, as a plethora of SMEs, OEMs, and research organizations spearhead a technological revolution in the march towards the digital mine.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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