Natural Resources
March 18, 2015

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

Minister Highlights Strength of Mining Industry in Newfoundland and Labrador

Mr. Speaker, I rise in this Honourable House today to highlight the Prospectors and Developers Association of Canada’s annual international convention and trade show held earlier this month in Toronto. The Premier and I attended, along with Mining NL, departmental officials, and provincial mining companies.

Despite the recent slowdown of the mining industry globally, we continue to have much success in our mining projects. In fact, Newfoundland and Labrador ranked in the top 10 of the most attractive jurisdictions worldwide for mineral exploration investment in the Fraser Institute of Canada’s recently released International Mining Survey.

PDAC was the ideal venue to showcase mineral resource opportunities in Newfoundland and Labrador and provide support to local exploration companies and prospectors. The Provincial Government partnered with industry to feature the redesigned Newfoundland and Labrador Pavilion at PDAC, and to provide funding for prospectors to promote their local properties.

While at PDAC, we met with Vale, Tata Steel and Teck, and we visited many booths of other mining companies exploring in our province. Tata Steel’s high-grade iron project in Labrador’s northern Menihek region represents a $1 billion investment in that area. The Iron Ore Company of Canada is demonstrating its long-term focus with its proposed Wabush 3 project. Mines such as Anaconda Mining and Rambler Metals are securing economic and employment benefits in rural communities throughout Newfoundland and Labrador. Junior companies and prospectors are also to be commended for their mineral exploration work, which represents the potential for new discoveries and the future of the industry.

Mr. Speaker, the enthusiasm and resourcefulness of our mining professionals is driving the industry forward in this province. More than 6,600 people are employed by the mining industry in many communities throughout Newfoundland and Labrador. The price of nickel remains strong and we are optimistic that the price of iron ore will rebound. We are forecasting $3.6 billion in mineral shipments in 2015, up from $2.9 billion in 2014.

We will continue to work together on opportunities for mineral exploration and development in the best interest of Newfoundlanders and Labradorians. Thank you.

2015 03 18                              2:15 p.m.