Mining and Opportunities in Ontario’s Ring of Fire
Mining, a traditionally strong part of the Ontario economy, is benefiting from growing world demand for commodities and from tax relief provided through Ontario’s Tax Plan for Jobs and Growth.
The Plan:
The government is supporting the development of new mineral deposits in the North and Far North, including helping to advance promising mining opportunities in the Ring of Fire, an area of the Far North with potentially large deposits of minerals such as chromite, nickel, copper and platinum.
“The natural resources sector — and the industries that support it — provide the strongest potential for Northern Canada’s future economic development.”
“Northern Ontario holds the promising ‘Ring of Fire’ deposit; this deposit has chromite diamonds, in addition to base metals and precious metals. A single hole drilled in 2007 set off a staking rush to the area.”
The Conference Board of Canada, “Mapping the Economic Potential of Canada’s North,” December 2010.
The Results:
A Ring of Fire Coordinator was appointed in September 2010 to work with stakeholders to help facilitate sustainable development of this economic development opportunity.
The government is consulting with stakeholders in developing regulations under the Mining Amendment Act, 2009 to help promote balanced development to benefit all Ontarians. Starting in 2009, the government is providing $40 million for initiatives to support Mining Act modernization.
Ontario has also supported the development of a diamond mining industry with the opening of the province’s first-ever diamond mine located near Attawapiskat in Ontario’s Far North.
Mining employment increased by about 5,200 jobs, or 20 per cent, between 2009 and 2010. The Ontario mining sector plans to invest a record $3.4 billion in 2011.
Exploration expenditures are forecast to reach $939 million in 2011, a new record for Ontario. There are more than 600 properties being explored by over 300 companies across the province.
