The Canadian province of Ontario is one of the preeminent mining jurisdictions in the world. The province’s mineral production is valued at $9.2 billion, with more than $4 billion annually invested in research and development, exploration, construction and equipment. In addition to its geology, developed infrastructure, and a secure regulatory framework, Ontario thrives because of the depth and expertise of the people on the ground. The mining supply and service sector employs 50,000 people. There are more than 1,000 mining supply and services companies and hundreds of juniors exploring the globe for metals and minerals that call Toronto home. The Toronto Stock Exchange is the preeminent center for global mining finance.

However, the sector is now facing considerable challenges. Since 2012, volatile prices for Ontario’s two largest mineral exports, gold and nickel, have depressed new exploration. The Ministry of Northern Development and Mines also introduced changes to Ontario’s Mining Act, which require companies to file with the government and consult with local communities before undertaking exploration. This has slowed both exploration and the permitting process. Major companies have also shelved projects in the mineral-rich Ring of Fire because of the lack of investment in infrastructure by the government or industry.

The current slowdown and the changes to the Mining Act make the future less certain, but in a cyclical business such as mining, there are likely to be exciting opportunities ahead. In fact, a number of new mines are set to open in the next two years, not including Vale’s fully automated Totten nickel mine that opened in February 2014. Moreover, the Mining Act may modernize the industry so that it can succeed in the long-term.