Canada’s mining industry includes mining-related activities, downstream product manufacturing, exploration, primary processing, and many more.
Since the past decade, the mining industry has seen some exceptional changes in its processes with the demand for rare minerals increasing at a faster pace. It is not just about the demand; the challenges are increasing too along with the competition as many new players are entering the market. If we specifically talk about a country like Canada, then mining development in Canada has seen nothing but an upward trend in the past few years.
Canada is known as a prominent mining country. Canadian mining, especially the mineral sector is like a backbone of its economy that helps in creating jobs for the people and smooth functioning of all the economic activities in the entire country.
Canada’s mining industry includes mining-related activities, downstream product manufacturing, exploration, primary processing, and many more. Canada is also one of the leading producers of nickel, copper, and cobalt and also sponsors many next-level mineral projects for lithium, vanadium, rare earth elements, and graphite. Also, it is important to take note of the fact that the mining development in Canada takes place in the most sustainable and clean ways that only benefit the economy of the country on a huge level.
Mining in Russia and its potential to dominate the globe
Russia is always ahead in scoring big numbers and with the mining industry in Russia, the country has a whooping $75tn worth of natural resources. The country ranks among the top three for the production of key minerals including iron ore, platinum, and gold. And not just that, Russia is also keen on spreading its wings of mining projects with investments at large scales at home and in other countries. The country is looking to inject productivity and efficiency into the mines that are already in the production process so that it cannot just help the global economy but also its own to emerge as one of the strongest countries in the mining sector.
How mining development in China and mining in India can change the global game?
The demand for critical minerals is predicted to quadruple by 2040 as per the International Energy Agency’s Sustainable Development Scenario. And that is why the governments of many countries including the USA, China, and European Union Members are trying to match up the rate of production and supply of the raw materials that are needed for the transition of energy to combat global climate change. When it comes to global mineral processing, China is a strong player.
China dominates the critical mineral supply chains across the globe and that is why the majority of countries depend on China for these minerals. Though many countries are trying to build their supply chains, China is continuously trying to make its supply chains cleaner and greener which is extremely which can be extremely instrumental for the future of critical minerals supply chains.
India’s pivotal contribution
India has always been a sportsman when it came to mining resources and has played a phenomenal role in contributing to human development and the world economy for eons. Mining also holds an important place for India as the country has around 3527 mining leases for 40 important minerals. India is responsible for producing critical minerals such as iron ore, bauxite, chromite, and coat, to name a few. The mining activity in India also contributes around 2.5 percent to the GDP. India also offers an efficient helping hand in contributing to the United Nations’ 17 Sustainable Development Goals (SDGs) and the implementation of the Paris Agreement. India has been successful in supporting the national economy through the mining sector and has offered employment opportunities to many whilst contributing to the export revenue, dead rent, duties, sales tax, royalty, etc.
Conclusion
For the current state of mining development around the world, sustainability is the center of everything. Transformation, growth, and rationalizing is the top priority to plan the strategies for the future. The demand is always going to get bigger and that is why all the nations keep on revising and updating their business models. Those who will have a future-oriented approach to their business model in the mining world are going to be at a huge advantage.