Boston, MA -- (SBWire) -- 12/06/2013 --Canada's mining sector will see continued, though slow, growth. Diversified mineral deposits and a steady pipeline of investment make Canada a continued destination for mining firms. Indeed, the country is a top 10 global producer of zinc, lead, iron ore, nickel, copper, gold, silver, uranium and potash. With many companies both headquartered and producing in Canada, the mining sector is crucial to the Canadian economy. Thus, we expect Canada's political leadership to maintain favourable tax and regulatory policies for the sector. Exogenous factors though, including weak developed world growth and slowing, less commodity-intensive growth in China, will weigh the industry.
Global demand growth for metals is likely to remain slow and a surplus of several base metals, including iron ore, zinc, and nickel, will persist over the coming quarters. However, decreasing ore quality at some major existing mines and rising costs among major mineral exporters should encourage new exploration across Canada's untapped resources. While Canada is less cost competitive on a per-unit-of-output basis compared to some developing-world exporters, its technological, infrastructure, and governance advantages makes it an attractive investment destination. We therefore forecast positive, though modest growth, of 2.5% on average per annum between 2014 and 2017.
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