The following statement was read today by the Honourable Andrew Parsons, Minister of Industry, Energy and Technology:

Mr. Speaker, I rise today to highlight some of the recent success in the mining sector in Newfoundland and Labrador. Despite challenging times due to COVID-19, our mining sector continues to produce impressive results.

In fact, mineral exploration activity for 2020 in Newfoundland and Labrador was the highest it has been over the past five years with 389 mineral exploration applications processed.

The price of gold remained high throughout the pandemic and Newfoundland and Labrador’s strong gold potential, with projects that are either operating, under environmental assessment or in active exploration, coupled with some world-class deposits, have been the main drivers of this year’s thriving exploration activity.

This has driven positive results for the 2020 Fraser Institute’s Annual Survey of Mining Companies which shows our province rising to 3rd nationally and 8th globally in overall Investment Attractiveness. We also have competitive regulatory and policy structures that rank our province 1st  in Canada and 8th globally and for Policy Perception.

Mr. Speaker, we provide publicly funded and available research undertaken by the Geological Survey of Newfoundland and Labrador that offers baseline geological information, helping to support exploration efforts and offer our Junior Exploration Assistance Program, which enhances Newfoundland and Labrador’s competitiveness through advancing mineral discoveries and exploration.

Mining, mineral exploration and quarrying are important industries and offer incredible future potential for the province. Almost $4 billion in mineral shipments, $82.6 million in exploration expenditures, and employment of about 7,700 person years are projected for 2021.

The province’s mineral industry continues to be a key economic driver for the province and a focus for our investment attraction efforts. These exploration companies and mine operators are located in rural areas of our province, create opportunities for local businesses, and increase the ability to invest in programs, infrastructure, education and health care.

Thank you, Mr. Speaker