OMA Releases Economic Research Report & Critical Minerals Analysis

Jul 20, 2022 - 3 years ago

On Friday, March 18, 2022, the Ontario Mining Association (OMA) released two reports: “The State of the Ontario Mining Sector – Economic Report” and “Critical Minerals Analysis” on the OMA website, which were produced in partnership with the Ministry of Northern Development, Mines, Natural Resources and Forestry (MNDMNRF).

OMA Releases Economic Research Report & Critical Minerals Analysis — *Miners at Impala Canada.*

“We are grateful to OMA members, who were extraordinarily generous with their time and data, without which these comprehensive reports would not be possible,” said Chris Hodgson, OMA President. “The information we were able to gather is truly representative of the sector, and enables us to conduct credible, evidence-based advocacy – demonstrating the current value of Ontario mining, as well as benchmarking opportunities to futureproof the sector, solidify our competitive advantages, and enhance the security and resilience of local supply chains. We are also grateful to our partners at the MNDMNRF for their support.”

The release of the OMA reports coincided with the Ontario government’s announcement of its first-ever Critical Minerals Strategy. Premier Ford made the announcement at Impala Canada's Lac-des-Iles Mine with Minister of Northern Development, Mines, Natural Resources and Forestry, Greg Rickford, and Minister of Economic Development, Job Creation and Trade, Vic Fedeli.

The OMA had been actively engaged in dialogue with the the government's Critical Minerals Strategy Unit (a specially created department within MNDM) throughout the development process, providing a written submission on the proposed Ontario Critical Mineral Framework. The OMA appreciated the collaborative approach, and are pleased to see that their input is reflected in the six priorities:

Enhancing data collection and supporting critical minerals exploration
Growing domestic processing capacity and building stronger local supply chains
Improving the regulatory framework to make the mining industry more globally competitive
Investing in innovation, research, and development
Building economic development opportunities with Indigenous partners
Growing the skilled labour force

The economic studies produced by the OMA will contribute to creating a favourable investment climate, enabling Ontario mining to continue contributing to the economic wellbeing of the province, while supporting the transition to a low-carbon economy at home and abroad. In the words of Minister Rickford, “For decades, Ontario has been a global leader for mining. As the world shifts to a greener, tech-driven economy, demand for made-in-Ontario minerals will grow exponentially. Ontario’s mining sector will continue to leverage our tremendous mineral wealth, mining expertise, environmental standards and robust Indigenous consultation practices to build more mines and create great jobs across the province.”

This sense of opportunity was palpable when, on March 10, 2022, Peter Bethlenfalvy, Ontario’s Minister of Finance, joined members of the TMX capital markets community to open the market and lead a discussion on Ontario’s plan for economic recovery, including supporting the province’s critical minerals and advanced manufacturing sectors. TMX Group brought together the Ontario government, listed issuers, and industry associations, including the Ontario Mining Association, for a wide-ranging discussion on how investment in electric vehicles, battery technology, and clean steel can help power the province’s economic recovery.

The OMA applaud the provincial government’s efforts to drive investment, talent and competitiveness in the Ontario mining industry. "It starts with us, the responsible producers, and it starts in our backyard here in Ontario," said Chris Hodgson. "We look forward to working collaboratively to continue contributing meaningful solutions, while capitalizing on rising global demand driven by the need to decarbonize our economy."

Source: OMA