Natural Resources
April 28, 2016
The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Minister of Natural Resources:
Mining Industry Demonstrates Potential for Growth
Mr. Speaker, I rise today in this Honourable House to highlight the strong potential for growth in Newfoundland and Labrador's mining sector.
A total of 10 mineral commodities are produced or mined in the province, and we are pleased to see that, over the last few months, the price of iron ore has increased significantly.
Canada Fluorspar's St. Lawrence project is moving towards construction; ERP Compliant Fuels is interested in Wabush Mines and talks are continuing; and Vale is starting construction of the underground mine at Voisey's Bay this summer.
Just this past week, I visited Vale's Long Harbour processing plant with the Member for the District of Placentia West-Bellevue. The plant has now moved from processing a mix of imported nickel matte and Voisey's Bay concentrate to processing entirely Voisey's Bay material. Iwas impressed by this massive, modern innovative facility and by its young, enthusiastic operations workforce.
Budget 2016 is an $8.48 billion budget that includes a significant amount of investment in the province; for example, our government has committed an additional $100,000 for each of the next three years in the Junior Exploration Assistance Program to encourage mineral exploration.
Just last week, junior mining company Rambler Metals & Mining PLC announced that it had secured financing that will allow it to extend the life of its Ming Mine to 21 years.
The mining industry remains a valuable contributor to our economy and our government is laying the foundation for well-planned and well-managed resource development in Newfoundland and Labrador.
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2016 04 28 2:15 p.m.