While Canadians enjoyed a slower pace
in lake country last summer, our federal colleagues have been engaged
in national dialogues regarding Canadian resource development. Prime
Minister Stephen Harper (on his recent annual tour of Canada’s
North) and many senior federal ministers crisscrossed the country
this summer. Federal representatives were conducting industry
roundtables and emphasized that “every commodity that is IN or ON
Canadian terra firma” is in demand today by developing countries
such as India and China. This decade is being seen as an historic
opportunity that should not be squandered in terms of creating new
global trading relationships. Moreover, it is contingent upon us to
ensure that our immense resources be utilized to maximize job
creation and economic development opportunities in order that our
resources can be utilized to fund social services and programs and
generate economic wealth. In his stops across the country this
summer, Natural Resources Minister Joe Oliver stated that “there
could be more than 500 major projects equating to $500 billion in
energy and mining investments over the next 10 years in the country.“
Mining is a global business. For us to
realize our GDP potential, we must be cognizant that other
resource-rich countries are vying for the export opportunities to
developing countries. To create the spark to attract Wall and Bay
Street equity and global skilled labour, Canada must develop
world-class infrastructure to access remote mineral resources whether
we are referring to the Plan Nord in Northern Quebec or the Ring of
Fire in northwestern Ontario. That is why Minister Oliver’s Four
Pillar plan for Responsible Resource Development to develop a federal
process which “focuses on (1) more predictable and timely reviews,
(2) less duplication in project review, (3) stronger environmental
protection and (4) enhanced consultations with Aboriginal peoples,”
are excellent first steps to ensure our global competitiveness. It is
no coincidence that the prime minister has made two high-profile
trade missions to China this far in 2012 and Minister Oliver was in
Mumbai in October, where according to the Globe and Mail he “was
promoting greater trade and investment in the resource sector between
Canada and India.“
High-stakes posturing is being played
by many provinces with resource development commanding national
headlines, in particular British Columbia, Alberta, Saskatchewan,
Ontario and Quebec. This past summer set an interesting stage for
future negotiations regarding comprehensive long-term agreements
amongst Canadian Aboriginal/federal/provincial and private sector
stakeholders. The spark that will unleash Canada’s potential for
job creation and investment in the mining sector is a commitment to
sustainable world-class infrastructure, including highways, ports,
rail and the creation of an integrated east-west energy grid that
will lever Canada as an energy superpower.
The stakes are high, the opportunity is
now, and the potential for social and economic renewal are immense
for Thunder Bay and region, Ontario and Canada. History has taught us
that whenever the North has boomed, southern Ontario (notably Queen’s
Park and Bay Street) has been a significant economic benefactor. The
coming economic development opportunities (owing to deposits of
chromium, gold, iron ore, palladium, nickel and copper) are not just
going to fall in our laps, without concerted commitments to
streamlined federal/provincial negotiations. Research from the
Thunder Bay Community Economic Development Commission (CEDC),
forecasts that the 13 new mines expected to come on stream between
2013 and 2017 in northwestern Ontario will conservatively generate
18,000 direct and indirect jobs.
In northwestern Ontario, a leading
indicator for what is on the economic horizon is best illustrated by
Porter Airlines, which three years ago initiated a new airline
service with three flights per day, and then increased air service to
five flights per day from Toronto Island (Bay Street) to the Thunder
Bay International Airport in order to satisfy growing customer
demand. Another leading indicator is the regional growth of 10
assay/analytical labs which have set up shop and/or expanded in the
last five to 10 years to service the mining growth underway in the
region.
In speaking with CEOs in the economic
development field across Canada who share the good fortune to be
blessed with abundant natural resource opportunities, the refrain is
the same: The future is Canada’s to lose. Hard hit economies like
Greece, Portugal, Spain and Italy can only look in awe at Canada, at
our future long-term potential, at our wealth in natural resources
and many other blessings that we share as a country and wonder, what
is not to like? It is worth remembering that, regardless of the
current turmoil in global markets and the current pause in commodity
prices, those developing countries which are active today in coveting
Canada’s natural resources (including India and China) are not
guided by short-term investment decision making but are long-term
strategic decision makers for investment in Canada.