The following statement was read in the House of Assembly today by the Honourable Andrew Parsons, Minister of Industry, Energy and Technology:
Speaker, I am pleased today to highlight Mining Week and the significantly positive impact of the sector in Newfoundland and Labrador.
2021 was a banner year for this industry in our province. The value of mineral shipments were the highest ever recorded, and mineral claim staking activity reached its highest point since the Voisey’s Bay claims 25 years ago.
Our province processed over 800 mineral exploration applications last year. Driven by positive exploration results, along with strong gold prices, we saw exploration expenditures nearly double from 2020, to just over $127 million.
The talk of this industry has been the gold rush in central Newfoundland. It was less than two months ago, when I announced that the Valentine Gold Project had been approved to proceed. This project will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.
Speaker, we clearly have world-class deposits that contain geology with great mineral potential. Critical minerals which are needed to grow and develop the green economy, such as our low-carbon nickel, mined in Labrador – refined at Long Harbour – is being used to develop lithium-ion batteries for the world’s ever-growing electric vehicle industry. Notable companies such as Northvolt, and just last week, Tesla, have signed agreements with Vale.
Our government works hard to develop meaningful mining opportunities, and officials within the mining branch demonstrate daily our commitment to create an environment that supports mining development.
I will be speaking at 33rd annual mining conference held by the Baie Verte Peninsula Chamber of Commerce next month to share what this industry means for local businesses and how it allows our province to invest in programs like infrastructure, education and health care.
Speaker, the future looks prosperous for this industry, with employment exceeding 8,000 person years and mineral shipments reaching $6 billion in 2021. We look forward to see what is to come for this key economic driver in our province.
Thank you.