Alp Bora, Founder & CEO of Alp Bora & Co., recently spoke about the challenges facing Canada’s mining industry in a news article. He highlighted the country’s declining mining legacy, with metal production becoming irregular due to reserves depletion and increasing reliance on imports. This has resulted in a decrease in production of Canadian refined metals such as nickel, zinc, lead, and copper since 2005. Bora believes that the country’s mining future and economy are endangered due to this trend and the selling off of profitable companies.
By the 1970s, Canada’s major metal production had peaked, but discoveries of uranium, potash, and increased gold exploration boosted the industry in the 1980s. However, low mineral prices in the 1990s hindered exploration, leading to a decline in the country’s competitive edge. Many home-grown metals and mining companies have disappeared, having been bought out by foreign entities. Bora expressed concern over Canada’s fading clout over critical minerals and the need for the country to assert control over its resources to remain competitive in the global market.
The 2021 US Geological Survey challenged perceptions of Canada’s mining power, revealing that the country has relatively small reserves of critical minerals compared to global leaders like China. This lack of action and awareness has allowed China to strategically consolidate ownership over critical minerals. Bora emphasized the need for Canadian business leaders to focus on productivity, invest in exploration and innovation, and advocate for policy support to rejuvenate the mining industry and ensure its longevity into the future.
The article highlighted a recent poll showing that public support for the mining industry in Canada is at an all-time high, with 80% of respondents expressing positive feelings towards mineral producers in the country. Canadians are increasingly recognizing the importance of the industry for a greener future and economic benefits. Bora stressed the urgency of taking steps now to renew and revitalize Canada’s mining industry in order to compete with China and other global players who have strategically positioned themselves in the critical minerals market.
In conclusion, Bora’s insights shed light on the challenges facing Canada’s mining industry and the need for proactive measures to ensure its sustainability. By focusing on productivity, innovation, and policy advocacy, Canadian business leaders can work towards re-establishing the country’s competitive edge in the global mining industry. The future of Canada’s mining industry rests on the proactive steps taken today to secure its position in the evolving global market for critical minerals.
