The Canadian minerals industry has a major impact on the national economy. Contributing $42 billion to the nation’s GDP, this industry accounts for 14 per cent of annual Canadian exports. Some 388,000 people work in this sector directly - and that number would appear incredibly larger if it included the numerous professionals whose work with mining isn’t included.
CIM membership covers a broad range of professionals of varying occupations - all the knowledge required to find, develop, operate, and close a mine operation. This issue of CIM Magazine takes a look into some of the areas covered by the legal and financial professionals serving the industry. Their roles are vast, from funding, through certification, community relations, risk management, and closure issues.
The Law and Money section, beginning on page 16, touches on some of the ways mining and exploration companies must rely on the financial and legal experts, with suggestions of how to ensure a successful endeavour. I’d like to thank Mike Paduada, a consultant in the mining industry on financial and risk management issues and sometimes contributor to CIM Magazine, for putting together the section.
Building a mine operation is an incredible project, often with huge capital requirements. The feature article on FNX Mining’s multiple operations in Sudbury demonstrates a strategic approach that minimizes start-up costs, and allows the company to flourish, based on contracts and agreements with companies such as CVRD Inco and Dynatec. The FNX Mining model allowed a junior company to ramp up three operations within four years. Turn to page 52 to learn how they did it.
On a final note, I would like to thank François Pelletier, CIM president for the past year, for being a terrific contributor to the magazine - not only was he reliable when it came to deadlines, I know I learned from his words.