OTTAWA, Nov. 18, 2014 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, and the Honourable Ed Fast, Minister of International Trade, today announced the Government of Canada's Strategy for the extractive sector (including mining, oil and natural gas). The ministers made the announcement at the Mining Association of Canada's annual Mining Day on the Hill luncheon.
The Extractive Sector Strategy builds on Canada's plan for Responsible Resource Development, ensuring that mining and energy will continue to represent an engine of economic growth and prosperity for Canadians. The Canadian Extractive Sector Strategy recognizes that Canadian companies that are strong and successful abroad create jobs and opportunities throughout Canada. Moreover, Canada's technical expertise in the extractive sector strengthens the capacity of our developing country partners to manage their resources and realize the economic and social benefits of responsible resource development.
Key elements of the Extractive Sector Strategy include:
- leveraging trade and investment agreements to provide the certainty and the predictability necessary for Canadian businesses to invest and operate abroad;
- transforming business opportunities into business successes through "economic diplomacy" and on-the-ground support;
- advocating for improved governance and regulatory frameworks abroad and sharing best practices;
- increasing training in missions abroad to support the extractive sector, complemented by embedded resources in Canada in extractive sector associations; and
- expanding stakeholder linkages to ensure the Government is responsive to the needs of the extractive sector, including developing annual market access plans for priority markets.
In addition to today's announcement, the Government of Canada is laying the groundwork to ensure the long-term success of Canada's mining and oil and gas sectors by keeping taxes low, eliminating red tape, and modernizing the regulatory regime for major projects. The Government of Canada is also investing in public geoscience programs such as the Geo-Mapping for Energy and Minerals (GEM) and the Targeted Geoscience Initiative (TGI) to secure the long-term prosperity of mining communities and industry by ensuring informed land-use and resource investment decisions.
Today's announcement also complements the enhanced Corporate Social Responsibility (CSR) Strategy for Canada's extractive sector abroad, Doing Business the Canadian Way. The Extractive Sector Strategy delivers on the commitment under Canada's Global Markets Action Plan to further the interest of Canadian companies abroad.
Finally, since 2006, the Government has signed, concluded, or brought into force a record number of 24 Foreign Investment Promotion and Protection Agreements, known as FIPAs, to protect Canadian companies that are making job-creating investments in foreign markets.
- Canada is one of the largest mining nations in the world, producing more than 60 minerals and metals.
- Canada has the world's third-largest proven oil reserves at 173 billion barrels.
- Canada is the fifth-largest producer of natural gas in the world with recoverable resources estimated at up to 44 trillion cubic metres — enough for over 300 years at current production.
- Canada's extractive sector — oil, natural gas and mining — generated $174 billion of exports in 2013, accounting for over 39 percent of the total value of Canadian domestic exports.
- These sectors account for 13 percent of GDP and more than 380,000 jobs.
- Between 2008 and 2012, the mining and minerals and metals processing sectors have contributed annually, on average, $4 billion in corporate taxes and royalties.
- In Economic Action Plan 2013, the Government of Canada committed $100 million over seven years to renew the Geo-Mapping for Energy and Minerals program to significantly advance and modernize geological knowledge in the North.
- The Targeted Geoscience Initiative is a $25-million, five-year (2010–2015) collaborative federal geoscience program that provides industry with the next generation of geoscience knowledge and innovative techniques to better detect buried mineral deposits, thereby reducing some of the risks of mineral exploration.
"Our government recognizes the importance of the mining industry to Canadian jobs and long-term economic prosperity. We're working aggressively to attract investment and open new markets. Once again, we are demonstrating our commitment to creating the conditions that enhance Canada's competitive position as a global mining leader."
The Honourable Greg Rickford
Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario
"When the Canadian extractive sector companies succeed abroad, they create jobs, opportunities and long-term prosperity for all Canadians and their families. Our government is proud of our leadership and excellence on responsible resource development and the Extractive Sector Strategy ensures Canada's world-class extractive sector will continue to thrive. "
The Honourable Ed Fast
Minister of International Trade
Extractive Industries: The Canadian Advantage at Home and Abroad
- Canada's CSR Strategy – Doing Business the Canadian Way: A Strategy to Advance CSR in Canada's Extractive Sector Abroad
- Cross Country Extractive Sector Consultations
- Global Markets Action Plan
- Responsible Resource Development
SOURCE: Natural Resources Canada
For further information: Media may contact: Alexandra Lemieux, Press Secretary, Office of the Minister, Natural Resources Canada, Ottawa, 613-996-2007; Shannon Gutoskie, Press Secretary, Office of the Honourable Ed Fast, Minister of International Trade, 613-992-7332; Media Relations, Natural Resources Canada, Ottawa, 613-992-4447; The general public may contact: Mon.-Fri., 8:30 a.m.-4:30 p.m. EST, Telephone: 613-995-0947, E-mail: [email protected], Follow us on Twitter: @NRCan (http://twitter.com/nrcan), NRCan's news releases and backgrounders are available at www.nrcan.gc.ca/media