The following statement was given today in the House of Assembly by the Honourable Jerome Kennedy, Minister of Natural Resources:

International Mineral Convention Showcases Newfoundland and Labrador
as Resource Rich and Investment Ready

I rise today to inform this Honourable House of Newfoundland and Labrador’s representation at the Prospectors and Developers Association of Canada’s international mineral convention and trade show which concludes today in Toronto.

The convention and trade show is the premier event for the world’s mineral exploration industry, attracting close to 30,000 participants from over 120 countries. Newfoundland and Labrador is globally recognized as an attractive exploration destination, and our presence at the convention and trade show supports efforts to attract investment into the province.

Mr. Speaker, I accompanied a delegation of more than 30 individuals including officials from the Department of Natural Resources, Mining Industry NL, and exploration companies with projects based in the province. I had the opportunity to meet with companies currently active in the province and many interested in exploring opportunities in Newfoundland and Labrador, and visited a multitude of exhibits that promote our province’s geology and mineral potential.

Newfoundland and Labrador’s mining industry is a tremendous contributor to the provincial economy, and a valuable source of employment. In 2011, mineral shipments were valued at $4.7 billion, the highest on record, with 2012 projected to surpass $5.6 billion. Interest in a wide variety of minerals – including iron ore, nickel, copper, gold, and rare earth elements – are currently fueling exploration programs across the Island and in Labrador.

Mr. Speaker, approximately $15 billion of mining investment is possible in our province over the next five to 10 years. Ongoing mineral exploration and investment activity in Newfoundland and Labrador will contribute to future sustainability for the industry, and growth and prosperity for our province. The future is bright for the mining sector. We are committed to the long-term development of the industry, and responsible development in the best interests of Newfoundland and Labrador.

2012 03 07                          2:15 p.m.