This is National Mining Week and Natural Resources Minister Greg Rickford is marking the occasion by touting his governments recent investments.
One of the main announcements was $23-million over five years to stimulate the technological innovation needed to separate and develop rare earth elements and chromite.
Rickford says the single biggest barrier for advancing mining activity in the Ring of Fire is the cost of separating chromite from the iron ore deposits.
He calls the announcement a major step forward for mining in northwestern Ontario.
Rickford also points to $135-million over five years to provide management and accountability for major resource projects.
The Kenora MP says they have also extended the Mineral Exploration Tax Credit and helped companies with the costs of environmental studies and community consultations.
Rickford marked the week Thursday by opening the market at the Toronto Stock Exchange and he was joined by those from the mining industry and with major ties to the north.
He says close to 60% of the world’s publicly traded mining companies are listed on the TSX, accounting for over half of the world’s equity financing for mining and mineral exploration.
Rickford also held consultations with industry leaders.
The mining sector generates about $60-billion for Canada’s GDP, more than a $10-billion increase over 2009.
It employs some 380,000 Canadians, including 10,000 aboriginals and accounts for one-fifth of Canada’s merchandise exports.
