May 2009

President's notes

Canadian mining – part of something bigger

By J. Gowans

This month’s issue is all about Canada’s global impact. Our resource industry is as influential as it is far-reaching. Canada is a producing nation, a hub for equity financing and trading, and a preferred hot spot for exploration.

The mining industry contributed $42 billion to the national GDP in 2007 and accounted for 19 per cent of all Canadian exports (or about $81 billion). Exploration expenditure in Canada was $2.6 billion and, worthy of note, one in 20 exploration dollars worldwide was invested in the northern territories.

It’s also interesting to note that even when exploration takes place outside of the country, much of the capital is raised in Canada. More than 1,300 mining companies from around the world are listed on the TSX alone — which equates to 35 per cent of the worldwide mining equity.

Canadian mining and exploration companies operate all over the world. There is also a strong secondary industry in Canada with about 3,000 supplier companies providing technology, equipment and data to companies around the world.

We should all be proud of what this industry has accomplished in Canada and beyond its borders. In an ever-changing world, we are a part of something bigger, something global, and Canada’s influence within the worldwide mining industry is substantial.

This is my last message to you as CIM president. I have enjoyed meeting and working with many of you over the past 12 months and my thanks goes out to the CIM team and volunteers for all their hard work, much of it behind the scenes. I would also like to take this opportunity to wish my friend and colleague, Mike Allan, all the best as our new CIM president.

Finally, I would like to leave you with my encouragement to continue being involved in CIM and the CIM Foundation. It is also important to keep using this unique platform for knowledge sharing and networking for the sustainability of Canada’s resource industry.

Jim Gowans, CIM President

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