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6thNovember2014

Studies confirm mining as an economic driver – by Len Gillis (Timmins Daily Press – November 6, 2014)posted in Northern Ontario/Canada Regional Media, Sudbury, Ontario, Canada Mining Supply and Services Sector |

The Daily Press is the city of Timmins broadsheet newspaper.

TIMMINS – Timmins Chamber of Commerce president Al Thorne said he can only be encouraged by the fact the province has helped to finance a couple of in-depth reports that are favourable to Ontario’s mining industry.

One of those studies outlines the value of the gold mining industry, while the second identifies the economic importance of the mining supply industry.

Timmins is considered a leader in both of those sectors. The first report, recently released by the Ontario Mining Association (OMA), outlines the economic impact for the creation a new gold mine in Northern Ontario. It was authored by Peter Dungan and Steve Murphy of the Rotman School of Management at the University of Toronto.

The second report, produced by the Canadian Association for Mining Equipment and Services (CAMESE) and released last week, looks at the challenges and opportunities for the mining supply and service sector in Ontario.

It also recommends more tracking of the economic impact of the mining supply and service sector to better understand its importance. The reports were released just in time for the Meet The Miner’s event held at Queen’s Park. The event is held annually to keep the government apprised of the contributions and concerns of Ontario’s mining industry.

Thorne said in both cases the reports appear to be preaching to the choir from the Timmins’ point of view, in that both are supportive of the industry. He said he is hoping those in the higher levels of government will take the reports to heart.

“I think we can be encouraged that the government is looking for solutions and looking into the sure things like the mining sector and hopefully they will continue to show support for mining and encourage its growth and prosperity,” said Thorne.

In the OMA gold mining study, it is suggested that opportunities for new gold mines “have risen remarkably.” At one point, the report remarks the economic impact of any new gold mine “is extremely large.”

That report suggested the average cost of opening a new gold mine to be $750 million over three years with a significant impact on the provincial GDP.

For the rest of this article, click here:http://www.timminspress.com/2014/11/05/studies-confirm-mining-as-an-economic-driver