March 2017 | Business View Magazine

46 47 T he mineral exploration and mining industry in Canada directly and in- directly employs more than 550,000 people and contributes an estimated $57billion to the country’s annual GDP. In the field of mineral exploration, Canada is a recognized, global leader–almost half of the world’s 1,800 companies with exploration bud- gets are headquartered there, and they account for nearly a third of all yearly,mineral exploration spending. Canada also leads the world in mine equity financing, accounting for more than 60 percent of the total. As a producer and exporter of 14 major min- erals and metals, Canada ranks in the top five, worldwide. Calculated by value of production, it is: first in potash; second in uranium and niobium; third in cobalt, aluminum, tungsten, and platinum group metals; fourth in nickel, salt, sulphur, and titanium; and fifth in diamonds, cadmium, and gold.The country also produces more copper, iron, lead, and zinc than it consumes The Prospectors & Developers Association of Canada The Prospectors & Developers Association of Canada The exploration community’s leading voice internally and its mineral exports helps it maintain a healthy international balance of trade. Over time, many mines close when their lodes give out, or they’re no longer economically viable to exploit, so in order to sustain the industry’s nation- al economic benefits, additional mineral deposits must constantly be found,mined, and processed.“You can break the mining industry up into segments,” explains Bob Schafer, the recently retired (35th) Pres- ident of the Prospectors & Developers Association of Canada (PDAC).“The exploration and development AT A GLANCE | The Prospectors & Developers Association of Canada WHAT: A trade association representing the mineral exploration industry WHERE: Toronto, Ontario WEBSITE: www.pdac.ca