Natural Resources
March 17, 2010
Budget 2010 to Include
Funding for Minerals Strategy
Budget 2010 will invest in the first
comprehensive review of the province�s mining industry since the 1970s
with $235,000 to complete a Minerals Strategy. The strategy will focus
on expanding exploration and production activity and creating additional
employment opportunities, while also ensuring environmental protection
and the sustainable development of mineral resources.
�The mining sector is a major economic
contributor to the economy of rural Newfoundland and Labrador and
represents nearly 12 per cent of the province�s Gross Domestic Product,�
said the Honourable Kathy Dunderdale, Minister of Natural Resources. �To
ensure its continued growth and success, we need a plan for capitalizing
fully on the economic and employment opportunities associated with this
burgeoning industry. A comprehensive strategy outlining how we move the
industry forward will ensure future decisions are in the long-term best
interest of the province.�
Minister Dunderdale announced the funding
to develop the strategy at a news conference today. The strategy will be
developed in close consultation with industry, communities, Aboriginal
groups and other interested parties. This collaborative process will
help identify the issues important to all interest groups and ensure
they are part of the discussion.
�The preparation of a strategy is timely
given the global economy is showing signs of recovery,� said Minister
Dunderdale. �With a strengthening demand for mineral commodities, a new
comprehensive strategy will ensure the province is competitively
positioned to attract investment.�
�We look forward to providing our input
on the development of a strategy for the mining sector,� said Gerry
O�Connell, Executive Director of the Newfoundland and Labrador Chamber
of Mineral Resources. �We trust this strategy will result in the
optimization of our industry through measures that will increase
knowledge of our mineral potential and enhance our province�s
attractiveness as a destination for investment.�
The Mines Branch of the Department of
Natural Resources will oversee the development of the strategy and the
consultation process. The strategy development process will include an
examination of existing mineral legislation, and also look at the
department�s capacity to meet the growing demand forecasted in the
sector. The strategy will examine the potential of the mineral industry
throughout the province, including a close look at the opportunities and
existing supporting infrastructure in Labrador. The strategy is expected
to be completed in mid-2011.
�This strategy will enable us to identify
any potential development constraints for the region and ensure proper
resource development for the benefit of all Labradorians,� said Minister
Dunderdale. �The Minerals Strategy will support the long-term goal
stated in our Northern Strategic Plan for Labrador of enhanced
resource-based industry while ensuring conservation of the environment.�
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Media contacts:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-8241
tracybarron@gov.nl.ca
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Gerry
O�Connell
Executive Director
Newfoundland and Labrador Chamber of Mineral Resources
709-722-9542
director@nlcmr.ca
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2010 03 17
2:05 p.m.
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