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Cision Canada
20-05-2025
- Business
- Cision Canada
The Mining Story - Facts and Figures of the Canadian Mining Industry Highlights State of Canada's Mining Industry
OTTAWA, ON, May 20, 2025 /CNW/ - Today, the Mining Association of Canada (MAC) released The Mining Story – Canadian Mining Industry Facts and Figures, a report that provides an overview of current trends in Canada's mining sector based on the latest statistics and analysis. The current state of mining and the Canadian economy is strong. In 2023, the sector contributed $117 billion, or 4% of Canada's gross domestic product (GDP). The mining sector encompasses extraction, mining services, primary metal and mineral manufacturing, and downstream metal and mineral manufacturing. When mining, quarrying and oil and gas extraction are included, the sector's contribution rises to 5.1% of GDP, a stable and significant share of Canada's economy over the past decade, with Alberta's mined oil sands playing a major role. There were 430,000 people employed in high-quality jobs within the sector, with an additional 281,000 in indirect employment—representing one in every 28 employees in the Canadian labour force. Notably, the minerals industry is an important employer of Indigenous peoples, providing jobs for more than 12,000 individuals in 2023. Extraction contributed $54.8 billion to GDP Mining services contributed $8.6 billion to GDP Primary metal/mineral manufacturing contributed $21 billion to GDP Downstream metal/mineral manufacturing contributed $32.4 billion to GDP Oil and gas made up a quarter of all of Canada's exports, at $177 billion. In 2022, Canada was the third largest exporter of crude oil, responsible for 9% of global exports, and Crude oil production in Canada grew from 1.3 billion barrels in 2016 to 1.7 billion barrels in 2024. The majority of Canadian crude oil is exported, and the fraction is growing: from 86% of production in 2016 to 90% of production in 2024. Because of our strong infrastructure and business links, the United States is the primary export destination for Canadian crude oil, receiving more than 95% of our exports. "Despite some economic headwinds, mining has been a steady source of growth for the Canadian economy," said Pierre Gratton, MAC's President and CEO. "As Canada and its allies work to secure critical minerals to meet economic, security, and climate goals, these numbers show the wealth that could come to Canada if we develop our mineral endowment. But we cannot rest on our success—geopolitical challenges, national security concerns, the transition to a low-carbon economy and the basic need to build and sustain a strong economy in the face of tariffs will require far more mined materials than we currently produce. Canada's mining sector is better positioned than most to withstand economic headwinds caused by tariffs, so now is the time to double down on attracting new investment into this important sector of the Canadian economy." Canada produces more than 60 minerals and metals through its mining activities. The total value of Canadian mineral production in 2023 was $71.9 billion, up from $58.6 billion in 2021. This growth was led by the increase in production values for nonmetals and coal. The total value of mineral and metal production has quadrupled since 2000. Canada is among the top producers of metals and non-metallic minerals in the world. It is the top producer of potash, second largest producer of niobium and uranium, and third largest producer of precious diamonds and palladium (by metal content). Climbing commodity prices have boosted the value of gold, with the industry now surpassing passenger vehicles as Canada's second largest export. Canada's mineral product exports are reaching new records, driven largely by its gold production. The economy of the future depends on minerals and metals from Canada. To supply the resources that are needed, Canada must foster a more efficient investment and regulatory environment. In recent years, the mining sector has welcomed positive commitments from the federal government, including the Canadian Critical Minerals Strategy, Fall Economic Statements, and the 2022, 2023, and 2024 Budgets. These measures are encouraging—but the true test of success lies in the effective and efficient implementation of policies that accelerate the delivery of Canadian minerals and metals to global markets that are demanding them. The report includes the following recommendations to help achieve that goal. Investors and mining companies are interested in investing in new mines, expanding existing mines, and building refining and smelting capacity in Canada. Unfortunately, regulatory inefficiency can slow project momentum. Action is especially important on coordination with provinces including enhanced use of substituted assessments (one project, one review), coordination within the federal government, and process improvements on Indigenous consultation. The mining sector will require more than a hundred thousand new workers over the next decade. The industry can build on its success in recruiting Indigenous employees, but will need to increase recruitment of women, young workers and visible minorities to reflect the demographics of the Canadian workforce. Increasing the number of university and college graduates in mining-related fields will also help to create a strong pool of mining workers for the next generation. Transporting minerals and metals from mines to processing facilities is becoming more challenging. In 2024, Canada experienced its first-ever simultaneous halt of rail service from both Class 1 railways. Lockouts at ports in British Columbia and Quebec threatened to stop the movement of goods by ship. Costs for both road and rail shipping remain well above their pre-pandemic levels. While the government is seized with economy-wide supply chain challenges, concrete solutions, such as legislative fixes to longstanding mining industry recommendations to address transportation network challenges remain elusive. Continued growth in the mining sector is critical for both the Canadian economy and the environment. A strong mining industry means safe, well-paid jobs for hundreds of thousands of people, and the production of minerals and metals with high environmental and high labour standards. Canada's trading partners and allies will increasingly rely on us for a secure and stable supply of minerals and metals, and it is the responsibility of government and industry to work together to deliver the mined materials required for the green economy of the future. For more information on MAC's The Mining Story – Canadian Mining Industry Facts and Figure report, and its associated policy recommendations, visit: About MAC The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal and mined oil sands, and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit
Yahoo
20-05-2025
- Business
- Yahoo
The Mining Story - Facts and Figures of the Canadian Mining Industry Highlights State of Canada's Mining Industry
OTTAWA, ON, May 20, 2025 /CNW/ - Today, the Mining Association of Canada (MAC) released The Mining Story – Canadian Mining Industry Facts and Figures, a report that provides an overview of current trends in Canada's mining sector based on the latest statistics and analysis. The current state of mining and the Canadian economy is strong. In 2023, the sector contributed $117 billion, or 4% of Canada's gross domestic product (GDP). The mining sector encompasses extraction, mining services, primary metal and mineral manufacturing, and downstream metal and mineral manufacturing. When mining, quarrying and oil and gas extraction are included, the sector's contribution rises to 5.1% of GDP, a stable and significant share of Canada's economy over the past decade, with Alberta's mined oil sands playing a major role. There were 430,000 people employed in high-quality jobs within the sector, with an additional 281,000 in indirect employment—representing one in every 28 employees in the Canadian labour force. Notably, the minerals industry is an important employer of Indigenous peoples, providing jobs for more than 12,000 individuals in 2023. Extraction contributed $54.8 billion to GDP Mining services contributed $8.6 billion to GDP Primary metal/mineral manufacturing contributed $21 billion to GDP Downstream metal/mineral manufacturing contributed $32.4 billion to GDP Oil and gas made up a quarter of all of Canada's exports, at $177 billion. In 2022, Canada was the third largest exporter of crude oil, responsible for 9% of global exports, and Crude oil production in Canada grew from 1.3 billion barrels in 2016 to 1.7 billion barrels in 2024. The majority of Canadian crude oil is exported, and the fraction is growing: from 86% of production in 2016 to 90% of production in 2024. Because of our strong infrastructure and business links, the United States is the primary export destination for Canadian crude oil, receiving more than 95% of our exports. "Despite some economic headwinds, mining has been a steady source of growth for the Canadian economy," said Pierre Gratton, MAC's President and CEO. "As Canada and its allies work to secure critical minerals to meet economic, security, and climate goals, these numbers show the wealth that could come to Canada if we develop our mineral endowment. But we cannot rest on our success—geopolitical challenges, national security concerns, the transition to a low-carbon economy and the basic need to build and sustain a strong economy in the face of tariffs will require far more mined materials than we currently produce. Canada's mining sector is better positioned than most to withstand economic headwinds caused by tariffs, so now is the time to double down on attracting new investment into this important sector of the Canadian economy." Canada produces more than 60 minerals and metals through its mining activities. The total value of Canadian mineral production in 2023 was $71.9 billion, up from $58.6 billion in 2021. This growth was led by the increase in production values for nonmetals and coal. The total value of mineral and metal production has quadrupled since 2000. Canada is among the top producers of metals and non-metallic minerals in the world. It is the top producer of potash, second largest producer of niobium and uranium, and third largest producer of precious diamonds and palladium (by metal content). Climbing commodity prices have boosted the value of gold, with the industry now surpassing passenger vehicles as Canada's second largest export. Canada's mineral product exports are reaching new records, driven largely by its gold production. The economy of the future depends on minerals and metals from Canada. To supply the resources that are needed, Canada must foster a more efficient investment and regulatory environment. In recent years, the mining sector has welcomed positive commitments from the federal government, including the Canadian Critical Minerals Strategy, Fall Economic Statements, and the 2022, 2023, and 2024 Budgets. These measures are encouraging—but the true test of success lies in the effective and efficient implementation of policies that accelerate the delivery of Canadian minerals and metals to global markets that are demanding them. The report includes the following recommendations to help achieve that goal. Investors and mining companies are interested in investing in new mines, expanding existing mines, and building refining and smelting capacity in Canada. Unfortunately, regulatory inefficiency can slow project momentum. Action is especially important on coordination with provinces including enhanced use of substituted assessments (one project, one review), coordination within the federal government, and process improvements on Indigenous consultation. The mining sector will require more than a hundred thousand new workers over the next decade. The industry can build on its success in recruiting Indigenous employees, but will need to increase recruitment of women, young workers and visible minorities to reflect the demographics of the Canadian workforce. Increasing the number of university and college graduates in mining-related fields will also help to create a strong pool of mining workers for the next generation. Transporting minerals and metals from mines to processing facilities is becoming more challenging. In 2024, Canada experienced its first-ever simultaneous halt of rail service from both Class 1 railways. Lockouts at ports in British Columbia and Quebec threatened to stop the movement of goods by ship. Costs for both road and rail shipping remain well above their pre-pandemic levels. While the government is seized with economy-wide supply chain challenges, concrete solutions, such as legislative fixes to longstanding mining industry recommendations to address transportation network challenges remain elusive. Continued growth in the mining sector is critical for both the Canadian economy and the environment. A strong mining industry means safe, well-paid jobs for hundreds of thousands of people, and the production of minerals and metals with high environmental and high labour standards. Canada's trading partners and allies will increasingly rely on us for a secure and stable supply of minerals and metals, and it is the responsibility of government and industry to work together to deliver the mined materials required for the green economy of the future. For more information on MAC's The Mining Story – Canadian Mining Industry Facts and Figure report, and its associated policy recommendations, visit: About MAC The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal and mined oil sands, and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit SOURCE The Mining Association of Canada View original content to download multimedia: Sign in to access your portfolio
Cision Canada
01-05-2025
- Business
- Cision Canada
The Mining Association of Canada Comments on Outcome of Federal Election Français
OTTAWA, ON, May 1, 2025 /CNW/ - The Mining Association of Canada (MAC) congratulates Prime Minister-designate on his election victory and looks forward to working with the new government to enhance responsible mining and critical minerals development in Canada. The mining industry is eager to collaborate with all parties to ensure one of Canada's most important resource sectors is competitive and attractive to investors. "Mining is one of the most economically significant sectors in Canada and contributes $117 billion to the country's GDP and accounts for 21% of the value of Canadian goods exported. Canadian mining is also an important employer, accounting for one in every 30 jobs across the country," said Pierre Gratton, President and CEO of MAC. "Canada's mining industry is well placed to provide the materials, including critical minerals, essential to healthcare, communications and low carbon technologies and our sector would benefit from strategic government supports to ensure we are able to seize the opportunity before us." Canada's mining sector operates some of the lowest carbon-intensive mines in the world thanks to Canada's abundance of clean energy, the adoption of world-class sustainability standards like Towards Sustainable Mining and company implementation of low emission technologies at their sites. Canada's mining industry should become the supplier of choice for the minerals and metals that are needed for defence, semi-conductors, energy and other clean technologies. "The Liberal platform proposed a broad range of positive actions to support the growth of Canada's mining sector, including trade-enabling infrastructure investments, new and expanded tax measures to support the competitiveness of the mining industry and support for Indigenous participation in natural resources projects. Taken together, all of these will attract more investment and help bring more mines into production. We were also pleased to see both the Liberals and Conservatives committing to dramatically accelerate project reviews and we are keen to work with the new Parliament to make this happen in a responsible manner." continued Gratton. MAC and its members would like to thank all outgoing MPs for their support for the Canadian mining industry over the years and looks forward to meeting with newly elected members from all parties to discuss the importance of the sector to ensure it is well positioned for future success. The mining industry is a major sector of Canada's economy, contributing $117 billion to national GDP and responsible for 21 percent of Canada's total domestic exports. Canada's mining sector employs 694,000 people directly and indirectly across the country. The industry is proportionally the largest private sector employer of Indigenous peoples in Canada and a major customer of Indigenous-owned businesses. About MAC The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit
Yahoo
30-04-2025
- Politics
- Yahoo
GLOBAL INDIGENOUS: Waorani people fight for their rights in Ecuador
Deusdedit RuhangariyoSpecial to ICT Around the world: The Waorani people demand the right to decide their future in Ecuador, Indigenous communities in Taiwan battle a new digital threat, an Indigenous river defender in Peru wins the prestigious Goldman prize, Indigenous students in Australia get an inside look at the aviation industry, and a UNESCO report calls for support and funding for Indigenous Waorani continue fight to stop oil extractionIn the heart of Ecuador's Amazon rainforest, the Waorani people are standing firm against a government-backed auction of oil rights on their ancestral lands in a fight that could change the way Indigenous people are consulted around the world, Inside Climate News reported on April INDIGENOUS Ecuadorian government opened the auction of oil rights worth an estimated $700 million after a brief meeting with members of the Indigenous Waorani village of Kiwaro. They arrived by helicopter, spoke in Spanish and not the Waotetero language, made no effort to work the Waorani's pikenani, or tribal leaders, and offered no real explanation of the impact or oil extraction on the land.+The Waorani fought back, however, and in 2019 16 communities and a provincial sued multiple federal ministries, arguing that their right to free, prior, and informed consultation (FPIC) had been rooted in international law and Ecuador's constitution, requires Indigenous communities be consulted before decisions affecting them are made. The underlying legal issue, however, is whether actual consent is required before the project can move forward, Inside Climate News reported.'If you don't have community support, you pay a price for it,' said Pierre Gratton of the Mining Association of Canada, citing conflicts that arise without proper engagement, according to Inside Climate Waorani achieved a major legal victory in 2019, when a provincial court ruled their FPIC rights had been violated. The case is now under review by Ecuador's Constitutional Court, which aims to clarify national consultation laws. Meanwhile, new oil auctions threaten to impact many of the same communities again.'We do not want extractivism,' Waorani leader Luis Enqueri told Inside Climate News. 'We are fighting for the Constitutional Court to say that we alone have the right to decide what happens in our land.' TAIWAN: Indigenous communities battle misinformationIn the age of artificial intelligence, Taiwan's Indigenous communities are facing an unsettling new threat, one that distorts, erases, and reimagines their cultures through the power of digital misinformation, East Asia Forum reported on April Indigenous peoples have long battled marginalization, AI-generated content is now amplifying old injustices in faster and more insidious ways to sow mistrust and deepen political divides, East Asia Forum include a viral post – since debunked by fact-checkers – claiming that Plains Indigenous soldiers had sided with Japan during Taiwan's 228 Incident in 1947. Or a video that appeared to show the Taiwanese government firebombing an Indigenous community but instead showed footage from the Solomon Islands riots of positive-sounding stories can be dangerous when misrepresented. One widely shared video celebrated a Taiwanese Indigenous tap dance troupe set for a global tour — but the troupe featured instead the Hani people of China's Yunnan province, blurring cultural boundaries and eroding the distinctiveness of Taiwan's Indigenous the world, Indigenous communities are raising similar alarms about algorithmic bias and digital colonialism. In Taiwan, speech recognition systems routinely misclassify Indigenous languages as errors, further silencing them AI isn't only a threat — if handled differently, it could become a tool for revival, East Asia Forum reported. In New Zealand, Māori broadcasters teamed up with NVIDIA to build a speech model that accurately transcribes te reo Māori, showing what's possible when Indigenous groups lead the design process Asia Forum concludes that with inclusive frameworks, ethical data practices, and Indigenous-led innovation, AI could become become a tool of cultural resurgence rather than erasure. PERU: Indigenous river defender wins prestigious Goldman prizeAn Indigenous activist and women's leader from Peru's Amazon has won the prestigious Goldman Environmental Prize after spearheading a legal battle that secured legal personhood for the river her Kukama people call home, The Guardian reported on April Luz Canaquiri Murayari, 57, an Indigenous leader from Shapajila village along the Marañón River, led a historic fight for her people and the environment. As head of the Huaynakana Kamatahuara Kana women's association and with support from Peru's Legal Defence Institute, Canaquiri spearheaded a legal campaign to protect the Marañ three years, judges in Loreto – Peru's largest Amazonian region – ruled in March 2024 that the river must be recognized as a living entity with the right to remain free-flowing and court in Iquitos found that the Peruvian government had violated the river's inherent rights and ordered immediate action to prevent future oil spills. It also mandated the creation of a protection plan for the river basin and formally recognized the Kukama community as the river's stewards. Although the government appealed, the ruling was upheld in October 2024 — a landmark victory not just for the Kukama, but for Indigenous rights across Peru.'She is the mother of rivers,' Canaquiri said of the Marañon, according to the Guardian. 'She is born in the Andes and becomes the Amazon River.'In Kukama belief, the river is sacred, home to spirits like Puragua, a giant boa that embodies its health and spirit. Yet for more than four decades, the Kukama have suffered the devastation of oil spills — killing fish, poisoning water, and damaging the the legal victory, however, the river remains under threat, The Guardian reported. The fight is now complicated by a newly passed "anti-NGO" law, which prevents civil society organizations from taking legal action or offering legal counsel in cases against the Canaquiri, the struggle is for future generations.'The government must stop killing nature and start protecting it,' she said. 'Otherwise, what hope will our children have?' AUSTRALIA: Indigenous students get inside look at aviation industryIndigenous students interested in careers in aviation were given a special firsthand look inside an operational aviation facility when they visited the Royal Flying Doctor Service base in Townsville, Australia, National Indigenous Times reported on April part of the Raising Horizons pilot program, an initiative led by Gunggandji Aerospace, students from NRL Cowboys House were given rare access to one of Australia's most critical aviation Joinbee, director of Gunggandji Aerospace, said the goal of Raising Horizons is simple but powerful: to show First Nations youth that "aviation is within their reach.""Through Raising Horizons, we're giving First Nations youth real exposure to the industry, connecting them with role models, and showing them the pathways to get there," he said, according to National Indigenous many students, it was their first time inside an operational facility, given them a chance to see the range of roles that keep the RFDS running — from piloting and nursing to engineering and maintenance. They toured a modified RFDS aircraft used for emergency and remote operations and explored the hangar's cutting-edge Joinbee, director of Gunggandji Aerospace, said the goal of Raising Horizons is simple but powerful: to show First Nations youth that "aviation is within their reach.""Through Raising Horizons, we're giving First Nations youth real exposure to the industry, connecting them with role models, and showing them the pathways to get there," he said, according to National Indigenous Aerospace is Australia's first and only 100 percent Aboriginal-owned aviation company. Joinbee emphasized that the students represent the future of aviation."These students are our future pilots, engineers, and aviation leaders," he said, according to National Indigenous Times. "This pilot program is just the beginning." UNITED NATIONS: Report calls for support, funding for Indigenous mediaShane Taurima – Kaihautū of Whakaata Māori and chair of the World Indigenous Broadcasting Network – returned to the United Nations Permanent Forum on Indigenous Issues as UNESCO unveiled a landmark global report calling for support and resources for Indigenous media, Te Ao Maori News reported on April 26.+Taurima last participated at UNPFII two years ago, when the forum officially recognized the vital role Indigenous media play in upholding Indigenous rights and called for a comprehensive global study has now been completed and was formally released, concluding that Indigenous media face severe underfunding and limited access to essential reflected on the findings by speaking from New York with Whakaata Māori journalist Te Aniwaniwa Paterson, who joined a collective of Indigenous reporters covering the forum. ICT was part of the collaboration, organized by UNESCO report found that 73 percent of Indigenous media organizations cite lack of funding as a major hurdle, while 51 percent struggle with the high costs of media equipment. Even more troubling, 19 percent report having no internet access at all.'[Indigenous media] is essential and it's impactful, but it's unfortunately under-resourced, under-funded and often overlooked from a policy perspective and excluded structurally,' Taurima said, according to Te Ao Māori report's findings hit close to home. Last year, it was announced that Whakaata Māori would see a $9.5 million funding cut over three years, a 20 percent reduction in its operating welcomed the report's recommendations, however, which include strengthening legal and institutional protections for Indigenous media, revising outdated media laws to be more inclusive, and upholding Indigenous peoples' rights to freedom of expression and access to communication platforms. My final thoughtsMy final thoughts are in Ecuador, where the story of the Waorani people is one that grabs me deep in the chest. It's not just another land dispute or a courtroom battle, it's a fight for dignity, for life itself. When the Waorani say, 'We do not want extractivism,' they're speaking not just for themselves, but for all of us who depend on forests, clean water, and a livable aren't resisting progress; they are protecting something far more precious: a way of life rooted in respect for the Earth. Their courage, standing up to powerful forces with truth and unity, is nothing short of heroic.I can't help but feel a surge of hope when I think about the Waorani's 2019 victory. Against all odds, they won, a testament to what persistence and collective strength can achieve. It's inspiring to see the Constitutional Court take their case seriously now, knowing that a strong ruling could set a new standard for Indigenous rights across fought not just for land, but for their right to be heard, to decide, to thrive. Their fight reminds us that real change often begins with the voices that are hardest to it's painful and frankly infuriating to see how the government continues to push ahead with new oil auctions. It's as if court rulings, Indigenous rights, and international law mean nothing when weighed against short-term officials offer promises of development while communities still lack clean water and basic services, that's not negotiation, it's coercion. It's colonialism, repackaged for the 21st century. And unless something shifts, we are repeating the same brutal patterns that have devastated Indigenous communities for only way forward is real respect, not just in words, but in action. Ecuador must finally recognize the right of Indigenous peoples to say "no," without fear or manipulation. Land titles must be secured, services provided, and consultations done in ways that honor Indigenous ways of decision-making, not undermine world should be watching, because what happens to the Waorani is a mirror of what's happening everywhere. Their stand is not just for their river, their forest, their future, it's for the future of all of us who believe the Earth is not for Waorani are not just protecting a forest, they are protecting the heartbeat of life itself. Our stories are worth telling. Our stories are worth sharing. Our stories are worth your support. Contribute $5 or $10 today to help ICT carry out its critical mission. Sign up for ICT's free newsletter.
Yahoo
26-03-2025
- Business
- Yahoo
Prospect of U.S. tariffs haunting Canadian copper sector
United States President Donald Trump is laying the groundwork for tariffs on copper that could send shockwaves through the eastern part of Canada's sector and ultimately benefit China. Canada in 2023 produced 2.2 per cent of global mined copper, less than half of what's produced in the U.S., which accounted for five per cent. Nonetheless, more than half the copper produced in Canada, mainly from the eastern part of the country, was shipped to the U.S., making up a large portion of the imports there. But Canadian sector leaders are now worrying they could lose out while metal traders sitting behind desks win in other parts of the world due to the emerging possibility that copper will be dragged into the Canada-U.S. trade war and then both sides imposing tariffs in a tit-for-tat escalation. 'The impact of tariffs will be felt in Eastern Canada, where Glencore recycles e-waste that comes from the U.S., producing copper and other metals that go back to the U.S.,' Pierre Gratton, president of the Mining Association of Canada, an industry lobby group, said. He said Glencore also operates the country's lone copper smelter — the Horne Smelter in Rouyn-Noranda, Que, and that facility posts 'very small margins, so any increase in costs can be very serious.' A Glencore spokesman declined to comment on the impact that tariffs could have on the company or its Horne Smelter, which receives a portion of its feedstock from the U.S. Overall, the company has both a metals and mining division and a metals trading division, also known as marketing. In February, chief executive Gary Nagle said the marketing division benefits from the uncertainty caused by Trump's tariffs. 'Although maybe long term these tariffs may not be so good for global growth,' he said on a Feb. 19 earnings call, 'in the short term, as we see this volatility and this heightened uncertainty, it raises our ability to get better returns off our marketing business because of these dislocations and arbitrage opportunities.' Still, that is unlikely to benefit workers connected to Horne's operations. In December, Glencore cut 85 people from the 100-person team that oversees the plant in Montreal as part of a cost-cutting reorganization of its smelting business. The facility benefits from Quebec's low energy costs and experienced workforce, but it has also been hurt by rising copper prices: On Tuesday, U.S. copper futures hit an all-time high of US$5.83 per pound, up around 30 per cent for the year and breaking the record set last May. 'Tariffs risk upsetting the global copper market,' said Kevin Gagnon, president of the Federation of the Manufacturing Industry, a trade union that represents regional mine workers. 'Uncertainty is not good news in a context where we need to increase copper production to electrify our economies.' He said copper tariffs are likely to hurt Quebec workers to the extent that they make it too expensive for Horne to import scrap. 'The U.S. doesn't have the capacity to recycle e-waste and its copper smelting capacity is generally limited,' he said, 'so a trade war on copper will only hurt all of North America and benefit China.' Tom Mulqueen, an analyst at Citigroup Inc., earlier this month said he expects tariffs could ultimately weaken copper consumption, which could lead prices lower. But in the short term, it's having the opposite effect. 'We think U.S. copper price outperformance in anticipation of copper import tariffs is already having a physical tightening effect on the ex-U.S. market by driving higher U.S. refined copper imports and discouraging scrap exports,' he said in a note on March 6, adding it could persist through the second quarter. Jeff Killeen, director of policy and programs at the Prospectors & Developers Association of Canada, an industry group for exploration companies, said copper tariffs are a 'double-edged sword' that could lift metal prices, but also create barriers to trade. In February, Trump signed an executive order calling for an investigation to assess the national security risks of his country's dependence on copper imports, a move that has prefigured other tariff announcements. Trump's order to boost mining in U.S. could help Canada Poilievre promises to fast-track 'Ring of Fire' mining project Canada's largest copper mines are located in British Columbia and include Vancouver-based Teck Resources Ltd.'s Highland Valley Copper mine and Toronto-based Centerra Gold Inc.'s Mount Milligan Mine. Both companies have said they ship their copper concentrate into Asia, not the U.S., providing some protection from potential copper tariffs. • Email: gfriedman@ Sign in to access your portfolio
