Investors set sights on vast mining resources in Canada

Canada’s prospecting grounds offer huge development opportunities for Chinese mining firms and investors, experts said.

“Canada has highly developed science and technology for sustainable mining, a robust financial system and easily accessible legal, financial and intermediary services, all of which makes potential investors feel welcome and confident,” said Victor Oh, a Canadian legislator.

Oh made the comments at the China Mining Investment Symposium 2018, hosted by the Canada China Chamber of Commerce and China Mining Association on Monday. The meeting was held in conjunction with the annual Prospectors and Developers Association of Canada convention.

Canada is a “holy land for prospectors” due to its abundant mineral resources. The country also has advanced mining regulations and a receptive legal system for foreign investment. The low cost of hydroelectricity and natural gas resources are pluses, too.

All of these attributes are attractive to mining companies around the world, especially from China.

Yukon, which borders Alaska, is the smallest and westernmost of Canada’s three federal territories. Since 2016, an increasing number of mining companies has lined up to invest more than US$600 million in the territory.

“Yukon has a very rich and renowned mining history,” said Ranj Pillai, deputy premier and minister of energy, mines and resources, Yukon. “And we continue to forge ahead with mineral development.”

He said that 2017 was an excellent year for investment in Yukon’s mineral projects through collaboration with First Nations, as Canadians refer to their aboriginal population. That success is expected to continue in 2018.

Sun Jiwen, minister counselor for economic and commercial affairs at the Chinese embassy in Canada, was also optimistic about future cooperation in mining between Canada and China, as “it has grown rapidly in recent years.”