Natural Resources
March 6, 2007Province Gets
Attention at International Mining Conference
The mining success and mineral prospects of
Newfoundland and Labrador figured prominently at the Prospectors and
Developers Association of Canada international mining conference in
Toronto this week, with interest by exploration and mining companies
resulting in the largest turnout ever for the Newfoundland and
Labrador-sponsored reception.
�Companies are very excited about the prospects in Newfoundland and
Labrador and the positive climate that exists within our mining
industry,� said the Honourable Kathy Dunderdale, Minister of Natural
Resources. �Companies told me over and over again how pleased they are
with the level of assistance and support they receive in Newfoundland
and Labrador through our Mines Branch. As minister, it was truly
wonderful to hear and have it reinforced so strongly, given this
government�s investment in exploration and geoscience. We have a very
supportive environment and knowledgeable geologists working in our Mines
Branch and it is being noticed by the industry.�
Newfoundland and Labrador also figured prominently at the awards portion
of the conference, with Canada�s first family of prospecting � the
Keats-Stares family of Benton � being recognized for 40 years of
prospecting in Canada over four generations. Members of the five
families have generated tens of millions of dollars in exploration
expenditures and have made an outstanding contribution to mining in the
province and in Canada. The family was awarded the 2007 Prospector of
the Year Award. One of the discoveries that can be credited to the
family � the Duck Pond copper-zinc deposit � is now entering production
under the ownership of Aur Resources. The president of Aur Resources,
James Gill, was also recognized this year with the Developer�s Award.
�It was very clear to me by visiting the booths and speaking to these
companies that Newfoundland and Labrador is an important part of their
monitoring and exploration activities,� the minister said. �We are
seeing record exploration expenditures in our province with $98 million
being spent last year and an expected $116 million to be spent this
year. It is an exciting time in our mining sector.�
The province�s ranking by mining company executives also improved
significantly this year � to 22nd from 39th � in the Annual Survey of
Mining Companies released Monday and conducted by the Fraser Institute,
an independent research organization. The survey asks mining company
executives to provide opinions about the investment attractiveness of 65
jurisdictions around the world.
The value of the province�s mineral shipments is expected to reach a
record $3 billion this year � a 400 per cent increase in just three
years. A significant part of this comes from the province�s
long-standing ore producers � the Iron Ore Company of Canada and Wabush
Mines. However, with Voisey�s Bay just completing its first full year of
production that mine now accounts for about half of the province�s
mineral production.
�This government understands the importance of the mining industry and
its contribution to the provincial economy, particularly in rural areas
of Newfoundland and Labrador,� Minister Dunderdale said. �That is why we
increased funding under the Mineral Incentive Program by 55 per cent
last year and are committed to continuing to invest in exploration and
geoscience programs to help promote resource development.�
-30-
Media contact:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-1703
tracybarron@gov.nl.ca
2007 03 06
12:30 p.m.