Is Canada turning away from mining?
The C$300bn industrials sector, comprising industries such as transport, construction, engineering and defence, has toppled mining and forestry stocks from their position as the third-most valuable collection of companies on the Canadian market. As the industry struggles domestically and internationally, JP Casey wonders if Canada is turning away from mining.
- In 2010, mining was a cornerstone of the Canadian economy however the country has started to see a decline
- The mining and forestry industry has shrunk to the fourth-largest industry in Canada over this period, falling behind the industrials sector for the first time in the last decade, and raising questions about Canadian commitment to mining across the sector.
- With geopolitical pressures, domestic tensions between economic and environmental priorities, and the country’s spotty safety record, the Canadian mining industry has been plagued with operational inadequacies, and faces a host of uncertainties heading into the future, both of which have influenced the country’s gradual shift away from what was once a vital sector
- Learn more about the Investor Mining and Tailings Safety Initiative in this free webinar
What is the Investor Mining and Tailings Safety Initiative?
Just days after the Brumadinho dam collapse, a group of investors co-led by the Church of England (CoE) Pensions Board and the United Nations Environment Program (UNEP) announced the Investor Mining and Tailings Initiative, calling on 727 extractive mining companies to disclose information on their tailings facilities to form a global independent database.On the one year anniversary, the group launched the first public database on tailings storage facilities (TSF). Prior to that, there had been no central database detailing the location and quantity of tailings, and as a result, no clear indication on the number of tailings around the world.
How can companies prepare for the next round of reports from the Investor Mining and Tailings Safety Initiative??
This presented mining companies with a massive challenge of assembling data-sets that were often large, complex and stored in several locations, or even lost with corporate knowledge loss. One company estimated that it took one person (per site), six weeks to collect and prepare the data. Decipher CEO, Anthony Walker suggests that mining companies start to collect and store their TSF data in one central location, enabling them to adhere to data requests efficiently.
As recently as 2010, mining was a cornerstone of the Canadian economy, contributing close to a quarter of Canada’s total equity value, according to Bloomberg. While the sector’s total contribution to national GDP has increased from just over C$120bn in 2012 to just over $140bn in 2020, the sector’s relative influence has declined, with mining’s contribution to national equity falling to just 10.8% by January of this year.
This collapse has seen mining and forestry shrink to be the fourth-largest industry in Canada over this period, falling behind the industrials sector for the first time in the last decade, and raising questions about Canadian commitment to mining across the sector. With geopolitical pressures, domestic tensions between economic and environmental priorities, and the country’s spotty safety record, the Canadian mining industry has been plagued with operational inadequacies, and faces a host of uncertainties heading into the future, both of which have influenced the country’s gradual shift away from what was once a vital sector.
Learn more about The Investor Mining and Tailings Safety Initiative is this FREE webinar
Hear from Professor Elaine Baker, one of the driving forces behind the database and learn about:
- The Mining and Tailings Safety Initiative (insights, key findings, what’s coming, and how to prepare for the next round of questions)
- The upcoming global tailings standards
- Best practices and recommendations
- Available reporting and monitoring tools
What tailings reporting and monitoring tools are available?
Using Decipher, you can start to organise and store your tailings storage facility data in the one place, making it easier to prepare for the next round of Church of England reports:
– Easily visualise all of your sites and simply click on the dams to see all of the relevant data and reports
– Reduce confusion, human error, and inefficiencies in reporting by providing internal stakeholders with a central repository of data on your tailings facilities
– Access key data and information from multiple departments to take a holistic approach to your tailings reporting and monitoring
– Reduce the time spent and associated costs preparing reports by creating templates which extract relevant information in a particular format, such as the Church of England report
– Decipher is designed to be securely accessed by industry, regulators, designers and operators involved in the management of TSFs. Easily setup security access levels to ensure stakeholders only see information that is relevant to them, and apply business rules, approval layers and track changes to ensure data is correct
– A Single Sign-On (SSO) integration also ensures that users are managed more easily
Request a demo of Decipher’s TSF Monitoring & Reporting tool
- Speak to our team for a free demo of our Tailings Monitoring solution
- See how our solutions help manage industry stakeholder engagement and operator and regulator compliance requirements here
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