The Exploration & Mining Industry in Canada. Mining is a strategic industry for Canada
|
|
- Roy Phillips
- 8 years ago
- Views:
Transcription
1 1 The Exploration & Mining Industry in Canada Mining is a strategic industry for Canada It generates revenue and stimulates growth across the length and breadth of the country, from Vancouver Island to Newfoundland, from Southern Ontario s salt mines to the metal and diamond mines of the Far North. Mining has a substantial economic impact on our nation s north and on Aboriginal communities. In fact, it s a powerhouse of Canada s economy. Of the world s public mining companies, 58% are listed in Canada. There are nearly 1700 listed mining companies on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV); in 2011 The Mineral Exploration Tax Credit & the Future of the Mining Industry in Canada 1
2 these two exchanges were responsible for approximately 90% of the world s mining equity financings by number and nearly 40% by value. In the same year, Canada led all countries in mining exploration, with 18% of the world s exploration spending, according to the Metals Economics Group (MEG). Based on these numbers MEG predicted that Canadians will have the opportunity to capitalize on an estimated $140 billion of new mining investments over the next decade. It s a critical time for the industry, however. In 2012 Canada s share dropped to 15.9%. A thriving mining industry helps sustain other sectors, & bolsters the Canadian economy Mining is an entrepreneurial business comprised of companies involved in exploration only (juniors) and others involved in both mining and exploration (seniors). The Canadian companies providing geological, engineering, legal and capital markets financing services to the mining industry are regarded as among the best in the world. In fact, many sectors of the Canadian economy depend on mining. The mineral and metal processing, steel, and semi-fabrication industries add value to mining products and employ thousands of highly-skilled workers. Mining is the largest customer of Canada s transportation sector, for example, requiring a high-functioning, responsive transportation network for both shipping and exploration. A full 60% of all rail traffic in Canada is employed in shipping mining material. Indirectly, mining employs thousands of truck drivers, rail and port workers, pilots, mechanics, and others, who in turn support other sectors, such as the restaurant and hospitality industry. As a result, mining and the sectors that benefit from it contribute billions annually to Canada s GDP, and generate significant tax revenues for all levels of government. Mining sustains & develops communities in rural & northern regions Mining activity in rural and northern regions builds local infrastructure like roads and community centres, provides much-needed jobs, training, and new business opportunities, and supports local trade. The mining spinoff effect that boosts the Canadian economy as a whole also makes a significant difference in the day-to-day lives of people who live in these regions. In 2010 alone, Nunavut s GDP increased by more than 11%, with Statistics Canada pointing to Agnico-Eagle s Meadowbank gold mine as the major contributor to this. Exploration projects are the headwaters of the mining industry New mining plays, such as iron ore in the Labrador Trough region and chromite development in Northern Ontario are expected to bring significant economic benefits to Canada. Both of these sites were found through extensive exploration activities. Many geologists believe Canada still has a great deal of untapped mineral potential, especially considering that the mix of commodities that companies are looking for continues to change over time. Nevertheless, the mineral stocks in our current mines are finite. To sustain and grow the industry in the future, exploration must be undertaken at a constant, continuous rate. 2 In 2010 alone, Nunavut s GDP increased by more than 11%, with Statistics Canada pointing to Agnico-Eagle s Meadowbank gold mine as the major contributor to this. A full 60% of all rail traffic in Canada is employed in shipping mining material. Of the world s public mining companies, 58% are listed in Canada.
3 INDUSTRY FAST FACTS Canada s current global ranking for number of mining companies 1 Number of listed mining companies on the TSX and TSX Venture exchanges 2 Number of workers employed in the sector 3 Number of ancillary companies (estimated) 4 Explorers are big businesses that can absorb the risks and high capital costs of exploration. Roughly half of all exploration activities in Canada are undertaken by small companies. Sustaining exploration activity, in turn, requires just the right mix of ingredients, including a promising geology, public investment in geoscience, transportation infrastructure and ready access to financial capital. Unlike mining companies, which generate revenue from production, exploration companies raise the bulk of their exploration budgets from investors, primarily through issuing shares on the stock market. Only a small percentage of investors will participate in the high stakes exploration game, however. Out of a thousand exploration projects, only one might eventually turn into an operating mine. Creating incentives for investors to allocate scarce financial capital is a critical ingredient in sustaining the exploration activity upon which mining companies (and the remote communities in which they operate) depend. This is particularly the case in challenging economic times. The junior companies that conduct exploration in Canada are small, risk-taking entrepreneurial businesses Unlike in the United States, where mining is dominated by a handful of multinational conglomerates, Canada s unique mining ecosystem is largely comprised of thousands of small-to medium-sized enterprises. Metals Economics Group noted in March that junior companies have accounted for close to half of annual mineral exploration spending in recent years, often shouldering the biggest exploration risks in conducting greenfield exploration, scouring the countryside for minerals in often far-flung, hard-to-reach places. Having discovered a viable project, a junior will often sell it to a larger company for development and, potentially, for mining though a minority of juniors will decide to raise capital to develop a site themselves. This subcontracting of risk from big mining companies to entrepreneurial small businesses is part of the unique system that keeps Canada s mining pipeline full. Unlike large companies, however, juniors cannot rely on revenues or on bank loans for financing their development sites are not yet proven, and they are working with a potential for profit, not the certainty of one. As such, they rely heavily on equity investors who must weigh the possibility of high reward against the risk that nothing valuable may be found. The METC & flow-through shares system is globally unique No other country has such a sophisticated, forward-thinking policy infrastructure in place to encourage investments in grassroots mining exploration, which in turn sustains its mining industry. The METC and flow-through shares system only applies to the grassroots exploration expenditures that junior companies undertake, and acts as an investment incentive. Because junior companies conducting exploration are performing an activity akin to a technology company s research and development stage, they are not yet earning revenues, turning a profit, or paying corporate taxes, and are therefore in a position to renounce their expenditures to shareholders. Flow-through shares are a type of common share that permits the initial investor to claim a deduction up to the amount of the share subscription price against any income in respect to resource expenses renounced by a publicly-traded issuer. The METC exists on top of that deduction, offering an additional 15% tax The Mineral Exploration Tax Credit & the Future of the Mining Industry in Canada 3
4 The METC only benefits investors. The METC supports junior companies by acting as an incentive to help raise muchneeded capital for exploration activities. As of June 29 last year the top 100 mining companies on the TSXV had raised 41% less in equity financing than by the same point in Investor risk tolerance is down. Exploration risks are increasing. Capital needs are increasing. credit as an incentive to fund exploration activities essential to the mining industry. A tax credit is more valuable than a tax deduction as it is deducted from taxes owed rather than from income, so the METC is equivalent to a tax deduction of more than 30%. The METC is leveraged by additional tax incentives in the main mining provinces that generally use the same eligibility rules. BC, Manitoba, Saskatchewan, and Ontario have tax credits linked to METC eligibility criteria, while Quebec has a separate super-deduction. If the METC were no longer available, the provinces might very well phase out their tax credits as well. 2 Challenges Currently Facing the Mining Industry Setback 1: Investor risk tolerance is down in today s economic climate Junior exploration companies rely on equity funding. Canadian investors are usually risk-averse and conservative with their money except when it comes to the mining industry. There s an aura of excitement, romance, and history surrounding mining investments, and the idea of generating large potential returns with the right mining investment adds to the allure. The sector s relatively sophisticated investment base encompasses the entire country, and includes many industry contacts with regional investors not just with those in-the-know on Bay Street. Today, however, even the most die-hard dreamers are holding back, reluctant to back exploration companies in a time of great economic uncertainty. In fact, as PwC recently noted in its 2012 Junior Mine report, as of June 29 last year the top 100 mining companies on the TSXV most of them explorers had raised 41% less in equity financing than they had by the same point in 2011 a development that will almost certainly have a significant impact on exploration spending in coming years. At the same time, overall investor confidence continues to erode as a result of multiple global economic factors, including: Continued fallout from the commodity crisis of Many investors have not yet returned to the markets after their wealth was significantly reduced, and others remain wary of high risk investments. Fear the economic situation in Europe will pull global markets down. Slowing global markets in China and India. Concern about the economic situation in the U.S. 4
5 Setback 2: Risks inherent in the exploration process are increasing Mineral exploration has always carried substantial risk. The rate of success is very low even more so than with oil and gas and the vast majority of exploration projects don t proceed to mine development. Yet junior companies now grapple with additional risks, as minerals become both harder to find and less accessible. These risks include: Reduced access to land, as more remote areas are reserved as parkland. Increased need for extensive community consultations as part of the exploration phase, before anything is even proven viable. The historic decline of geological mapping, the lack of surface expressions of mineralization, and the increasing depth of potential discoveries. Setback 3: Capital needs for exploration are increasing As with risk, exploration is inherently an expensive and time-intensive process. Junior companies must dedicate significant resources to proving that their discoveries are viable and demonstrating the extent of a mineral discovery. But costs are going up: Companies are exploring in increasingly remote areas that are more expensive to access and often have more extreme climates. Exploration requires highly-qualified (and increasingly expensive) employees. Costs associated with equipment, drilling, and fuel are up. Exploration costs are higher for more complex ore bodies and deeper-lying deposits with lower grades. Costs associated with consultation and permits are up. Junior companies are in a challenging position today. As investor risk tolerance is decreasing, the costs of exploration are rising explorers, in other words, need to raise more capital than ever before at a time when it s more difficult to do so. 3 The Mineral Exploration Tax Credit: A Proven & Effective Solution The 15% tax credit, re-named METC in 2006, was first implemented in 2000, at a time when it was very difficult for junior companies to raise financing for mineral exploration, even using the flow-through shares system. The need for continued coverage has been proven, time and again, with annual renewals since then. The only gap in coverage since 2000 was very brief (five months) and occurred during the government transition in early The METC is intended to assist junior mining companies in raising equity through flow-through shares. It enables exploration companies to raise the capital they need to maintain or increase grassroots exploration activities in Canada. As such, it is a fundamental component of the policy infrastructure that keeps this strategic industry strong and competitive internationally. The Mineral Exploration Tax Credit & the Future of the Mining Industry in Canada 5
6 The METC is effective. It spurs exploration. In 2000, before the program began, mineral prices were weak and exploration was down. Data from the Metals Economics Group shows that after the METC was implemented, Canadian exploration recovered faster than in other competing jurisdictions. Exploration and deposit appraisal expenditures in Canada rose to $3.1 billion in 2008 from about $300 million annually in the late 1990s 6. It stimulates the flow of much-needed capital to the junior companies that conduct exploration, and helps them to grow. Of the top 10 mining companies on the TSX Venture Exchange, most did not exist a decade ago, or were very small. Since 1999/2000, 236 mining companies graduated from the TSXV to the TSX. Strong junior companies create employment opportunities. Rural and northern communities and also suppliers and service providers all benefit from exploration activity. It has resulted in important mineral discoveries, which have already or may soon become mines. Although pre-dating the METC, the initial discovery of the kimberlite pipes that led to the Ekati mine and to Canada s diamond industry an industry that has transformed the economy of Canada s north was financed in part by flow-through shares; more recently, the early delineation of the GDP-boosting Meadowbank gold deposit in Nunavut was financed in a similar manner. Nowhere is the importance of mining exploration greater than in Canada s north, where mining and oil and gas provide the most important opportunities for economic development. The METC is also a cost effective program. The Canada Revenue Agency estimated in the March 2012 federal budget that the impact of the extension of the METC into 2013 would be a net reduction of revenues of $100 million over the periods and In an average year, METC investors collectively provide junior companies with $ million in new financing to be spent on grassroots exploration in Canada. Financed junior companies generate employment opportunities and economic growth, and when profitable new mines are discovered, governments benefit from tax revenues. In 2010 the mining industry paid $8.4 billion in taxes and royalties to F/P/T governments 7. The ancillary companies, suppliers and service providers supporting the mining industry also generate tax revenues. The METC s $100 million net revenue reduction over two years is a small fraction of overall taxes collected from the mining industry and related companies. The mining industry is cyclical and affected by both commodity prices and investor risk tolerance. The METC is flexible and works accross industry cycles to provide stability and build confidence. The global economic situation and commodity prices are unpredictable and can shift quickly. The mining industry benefits from the presence of stable investment incentives to help keep capital flowing at all times, not just during a downturn. The METC is more than a counter-cyclical tool. It is an effective way to promote investor confidence and keep capital flowing to the exploration sector both during boom times and economic downturns. As such it functions best as a continuous, stabilizing tool. 6
7 The METC keeps Canadian investment dollars in the Canadian industry. Flow-through share and METC funding must be spent in Canada, and is credited with attracting exploration investment to Canada in the face of intense international competition. Flow-through shares and the METC significantly improve returns on high-risk mining investments and thus make it more likely for investors to back Canadian projects than comparable international ones. The METC is an incentive to keep Canadian investment dollars in Canada, which in turn keeps Canadian juniors exploring. Exploration is the mining industry s R&D. Exploration is crucial to the mining industry, and effectively functions as its research and development phase. Investors who back exploration projects at their earliest stages play a role similar to angel investors who provide venture financing to start-up technology companies. The federal government continues to provide tax credits on a permanent program basis for research and development in industries like manufacturing and technology. The METC is the main incentive for mining investors to support high-risk exploration by Canadian junior companies. In our opinion, without the METC, the exploration & mining industries in Canada would be at risk Mining is a strategic industry for Canada, and exploration, as its research and development phase, is its driving force. A number of financial challenges currently facing the industry are impacting the ability of the junior companies that conduct exploration to raise the capital their projects require. The METC is a proven, effective incentive to stimulate investments in exploration projects by junior companies.. Without the METC there would be a critical investment gap in the mining industry. Reduced investment in junior companies would result in fewer exploration projects, which in turn would impact negatively on ancillary companies, suppliers and service providers. Reduced or cancelled field projects would also negatively affect rural, northern and Aboriginal communities. Fewer potential projects in the pipeline would mean significant decreases in future wealth creation from mining operations, and decreased tax revenues from the industry. Job losses would mount, and Canada would risk losing highly qualified workers to other countries, which would severely limit Canada s longterm ability to retain its competitive position as a global leader. Finally, without sufficient investment in the high-risk greenfield exploration that juniors undertake, the sustainable replacement of Canada s mineral reserves would be put at risk. The Mineral Exploration Tax Credit & the Future of the Mining Industry in Canada 7
8 4 Our Recommendation: Provide Longer-Term Stability for the Industry We believe the 15% Mineral Exploration Tax Credit should be renewed. We also believe the mining industry would benefit from longer-term stability, which can be achieved at this time by lengthening the METC approval period from its current one-year time frame to three years. METC has become the life-blood of the exploration industry. It has been in place for twelve years, and has become an integral part of the Super Flow-Through system for grassroots exploration which supports the junior mining industry. Investors have come to expect a net tax deduction equivalent to at least 130%, not merely the 100% offered by ordinary flow-through shares. Ordinary flow-through is available for much lower-risk and competing investments in mining pre-production development, oil and gas exploration, and Canadian Renewable and Conservation Expenses. If METC were not renewed there would be a sharp reduction in investment in higher-risk grassroots exploration. A longer approval time frame, meanwhile, would provide all players with more confidence at a time when the global economic future is very uncertain. A longer approval time frame would provide stability for junior companies, and would assist them in making commitments to new projects. In particular, it would enable them to more effectively plan the financing of multi-year exploration programs, and to better market their programs to new investors. A longer approval time frame would also provide a better sense of predictability for investors, and would boost investor confidence in Canadian projects. It would also provide a sense of stability in the overall marketplace for ancillary companies, suppliers, and service providers, as well as peace of mind for the rural and northern communities that depend on exploration and mining for growth, employment opportunities, and local trade. The Canadian exploration and mining industry can weather economic uncertainty and remain a world leader so long as a supportive regulatory and investment environment exists. As a pivotal part of the Canadian policy framework, the METC should be renewed and maintained for a minimum of three years. About the Prospectors & Developers Association of Canada The Prospectors and Developers Association of Canada (PDAC) represents the interests of the mineral and development industry. The association is a national organization with 9,000 individual members, including prospectors, developers, geoscientists, consultants, mining executives and students, as well as those involved in the drilling, financial, investment, legal and other support fields. Our 1,254 corporate members include senior, mid-size and junior mining companies and organizations providing services to the mineral industry. 1 Risk? Bring it on, Canadian miners say. The Globe and Mail, November 22, 2012, and Support Future Mineral Exploration and Mining in Canada, PDAC. 2 TMX website ( html), datum current as of October 31, Bringing the Opportunity Home. PDAC, September Bringing the Opportunity Home. PDAC, September SNL Metals Economics Group, World Exploration Trends, March 2012; cited in Support Future Mineral Exploration and Mining in Canada, PDAC. 6 Super Flow-Through Shares: Mineral Exploration Tax Credit, PDAC brochure, September Bringing the Opportunity Home, PDAC, September
Improving the Investment Climate in Canada s North: Key Challenges and Opportunities
Improving the Investment Climate in Canada s North: Key Challenges and Opportunities Nunavut Mining Symposium, April 17, 2012 MAC: The national voice of Canada s mining industry Advocacy - to advance the
More informationThomas Kloet Chief Executive Officer TMX Group. The Economic Club of Canada May 27, 2014 **CHECK AGAINST DELIVERY**
Thomas Kloet Chief Executive Officer TMX Group The Economic Club of Canada May 27, 2014 **CHECK AGAINST DELIVERY** Show Me the Money An Exploration of Capital Raising in Canada Thanks very much, Natasha,
More informationOSC EXEMPT MARKET REVIEW OSC NOTICE 45-712 APPENDIX C CAPITAL RAISING IN CANADA AND THE ONTARIO EXEMPT MARKET
OSC EXEMPT MARKET REVIEW OSC NOTICE 45-712 APPENDIX C CAPITAL RAISING IN CANADA AND THE ONTARIO EXEMPT MARKET 1 1. Introduction As a securities regulator, the Ontario Securities Commission is committed
More informationKeeping our competitive edge in mining
Keeping our competitive edge in mining Speaking Notes for Perrin Beatty PDAC 2013 Wednesday March 6 Toronto, Ontario Please Check Against Delivery It is a great pleasure to be here with you today. I would
More informationInvestments at a glance
Investments at a glance Canadian Securities Administrators Securities regulators from each province and territory have teamed up to form the Canadian Securities Administrators, or CSA for short. The CSA
More informationFuture of Minerals Exploration Helping the mining industry go deeper.
Future of Minerals Exploration Helping the mining industry go deeper. WWW.WIPRO.COM David Lee, GM Strategy- Mining, Wipro Technologies Table of contents 02 Future of Minerals Exploration 03 Minerals Exploration
More informationExploration. A Gold Industry Perspective. World Mining Investment Congress. June 2009 - London Tommy McKeith
Exploration A Gold Industry Perspective World Mining Investment Congress June 2009 - London Tommy McKeith Trend 1 We are making fewer discoveries Moz 400 300 Declining discovery trend notwithstanding massive
More informationState of Mineral Finance: 2015 Déjà Vu
0 State of Mineral Finance: 2015 Déjà Vu Written by: Samad Uddin M.Sc. Director, Capital Markets, PDAC Published on: Email: suddin@pdac.ca 1 2 Executive Summary 2015 is expected to be another challenging
More informationTechnical Presentation The Star-Orion South Diamond Project George Read P.Geo. Senior VP Exploration & Development. 16 June 2015
Technical Presentation The Star-Orion South Diamond Project George Read P.Geo. Senior VP Exploration & Development 16 June 2015 Safe Harbour Statement This presentation contains forward-looking statements
More informationSprott Flow-Through Limited Partnerships. Sprott Tax-Assisted Investments
Sprott Flow-Through Limited Partnerships Sprott Tax-Assisted Investments sprott asset management lp Natural resources an essential element of a well-structured investment portfolio Adding natural resource
More informationLABRADOR IRON MINES REPORTS QUARTERLY RESULTS
LABRADOR IRON MINES REPORTS QUARTERLY RESULTS Toronto, Ontario, August 28, 2015. Labrador Iron Mines Holdings Limited ( LIM or the Company ) today reports its operating and financial results for its first
More informationHistory of Canada - Unit 2 - Lesson 5 Autonomy and the Stock Market Crash
History of Canada - Unit 2 - Lesson 5 Autonomy and the Stock Market Crash Objectives: Learn about actions to make Canada a more autonomous nation Examine the factors leading to the Stock Market Crash Explore
More informationThank you, Johnny. Welcome to Trade Canada!
TMX Group 2012 Trade Canada June 25, 2012 Remarks by Tom Kloet, CEO CHECK AGAINST DELIVERY Thank you, Johnny. Welcome to Trade Canada! My personal thanks to all of you for attending our event today. We
More informationAnnual General and Special Meeting
TSX:NML www.nmliron.com Annual General and Special Meeting June 23, 2016 Toronto, ON Robert Patzelt, Q.C. President & CEO Taconite Project Proposed Concentrator Forward Looking Statements and Other Legal
More informationStimulating Canadian Innovation:
Stimulating Canadian Innovation: How to Boost Canada s Venture Capital Industry September 2015 Get plugged in. As Canada s largest and most influential business association, we are the primary and vital
More informationFocusing on Near Term Production and Exploration in Quebec
Focusing on Near Term Production and Exploration in Quebec AGM January 2016 Forward Looking Statement Forward Looking Statement This presentation may contain forward looking statements, being statements
More informationSAVANT LAKE GOLD PROJECT. May 24, 2016 WWW.NEWDIMENSIONRESOURCES.COM
SAVANT LAKE GOLD PROJECT May 24, 2016 WWW.NEWDIMENSIONRESOURCES.COM FORWARD LOOKING STATEMENTS This document may contain "forward-looking statements" within the meaning of Canadian securities legislation
More informationTrading Symbol: TSX: SVM February 17, 2011 NYSE: SVM
PRESS RELEASE Trading Symbol: TSX: SVM February 17, 2011 NYSE: SVM SILVERCORP ANNOUNCES POSITIVE PRELIMINARY ASSESSMENT FOR THE SILVERTIP SILVER-LEAD-ZINC PROJECT, BRITISH COLUMBIA, CANADA VANCOUVER, British
More informationMASUPARIA GOLD CORPORATION
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2011 and 2010 (expressed in Canadian Dollars) NOTICE TO READERS Under National Instrument 51-102, Part 4.3 (3)(a), if
More informationGOING PUBLIC IN CANADA
GOING PUBLIC IN CANADA CASSELS BROCK IN BRIEF Canadian law firm of more than 200 lawyers based in Toronto and Vancouver focused on serving the transaction, advocacy and advisory needs of the country s
More informationStudy on Financing Growth Capital for SMEs
Study on Financing Growth Capital for SMEs Remarks by Marion G. Wrobel Vice-President, Policy and Operations Canadian Bankers Association for The Standing Senate Committee on Banking Trade and Commerce
More informationInterview with Paul Atherley, Managing Director of Berkeley Energia (911733, ASX: BKY, London: BKY)
Interview with Paul Atherley, Managing Director of Berkeley Energia (911733, ASX: BKY, London: BKY) Dear Paul, thank you very much for the opportunity to interview you today as I know you are very busy
More informationEarth Sciences 4211/6210! Putting the Economics Back in Economic Geology!
Earth Sciences 4211/6210! Putting the Economics Back in Economic Geology! Stephen J. Piercey! Department of Earth Sciences! Memorial University! St. John s, NL, Canada! A1B 3X5! spiercey@mun.ca!!! Special
More informationHR TRENDS AND INSIGHTS: FALLING OIL PRICES AND DECREASED INDUSTRY SPENDING - EMPLOYMENT IMPACTS
HR TRENDS AND INSIGHTS: FALLING OIL PRICES AND DECREASED INDUSTRY SPENDING - EMPLOYMENT IMPACTS This project is funded by Government Canada s Sectoral Initiatives Program FOREWORD Over Over last two last
More information4.0 Health Expenditure in the Provinces and Territories
4.0 Health Expenditure in the Provinces and Territories Health expenditure per capita varies among provinces/territories because of different age distributions. xii Population density and geography also
More informationSiemens Canada Ltd Dr. Donald Wilson Industry DT Large Drives Mining and Minerals
History of Siemens in Canada and Mining Outlook according to Siemens Canadian German Chamber of Industry and Commerce Inc. German Business Delegation to Canada November 12-16, 2012, Toronto, Canada Siemens
More informationCanadian Rail: Gearing Up in the West
Canadian Rail: Gearing Up in the West WCWGA 42 nd Annual Convention January 6, 2012 Moose Jaw, Saskatchewan Bruce R. Burrows V.P., Public and Corporate Affairs Outline 1. Who we are 2. How Railways Do
More informationHow To Get A Listing On The Cenrax Or Cenreo
Guide to mining projects and mining finance in Canada Financing mining projects Exploration companies without income often look to the equity capital markets to fund on-going exploration. The ramp-up to
More informationria 11r (A52200) 11 rguflleflt ial ArcJJ1t fltoh S 0 12:00 p.007
ria 11r rr 11 rguflleflt ial ArcJJ1t fltoh S 0 U 3 _ ZOt3 12:00 p.007 Ma 2013 12:20PM HP LASERJET FAX :WflLp FIAIECERTHE World Trade Centre Edmonton (WTCE) is part of the World Trade Center Association
More informationSuccess Your Petro-Canada Wholesale Marketer Information Kit
Fuelling Success Your Petro-Canada Wholesale Marketer Information Kit THE PETRO CANADA ADVANTAGE What is the Petro-Canada Wholesale Marketer Program? Some of the most interesting work you ll ever do is
More informationCanadian Natural Resources Limited Suite 2100, 855 2nd Street SW, Calgary, Alberta, T2P 4J8 T 403.517.6700 F 403.514.7677 www.cnrl.
October 30, 2015 Alberta Royalty Review Panel 2015 8 th Floor, North Petroleum Plaza 9945 108 Street Edmonton, Alberta T5K 2G6 Sent via email: royaltyreviewpanel@gov.ab.ca RE: Canadian Natural Resources
More informationSTATEMENT OF RHONE RESCH, PRESIDENT & CEO SOLAR ENERGY INDUSTRIES ASSOCIATION
STATEMENT OF RHONE RESCH, PRESIDENT & CEO SOLAR ENERGY INDUSTRIES ASSOCIATION SUBMITTED TO THE HOUSE COMMITTEE ON WAYS AND MEANS SUBCOMMITTEE ON SELECT REVENUE MEASURES AND SUBCOMMITTEE ON OVERSIGHT JOINT
More informationJobs and the Economy A GUIDE TO THE SMALL BUSINESS VENTURE CAPITAL TAX CREDIT PROGRAM. Under
Jobs and the Economy A GUIDE TO THE SMALL BUSINESS VENTURE CAPITAL TAX CREDIT PROGRAM Under s. 11.13-11.17 of The Income Tax Act (Manitoba) (the "Act") and Regulation #181/2007 (the "Regulation") TABLE
More informationSPDR S&P North American Natural Resources ETF
SPDR S&P North American Natural Resources ETF Summary Prospectus-December 15, 2015 NANR (NYSE Ticker) Before you invest in the SPDR S&P North American Natural Resources ETF (the Fund ), you may want to
More informationWithout policies that foster small business growth, the province s productivity, level of innovation, and overall competitiveness stand to suffer.
Alberta Investor Tax Credit Solving the Venture Capital Draught Issue The inaccessibility of early-stage capital investment is a major impediment to the growth and sustainability of Alberta s small businesses.
More informationSupply, Logistics, Marketing and Information Technology. Executive General Manager Commercial and West Africa
Supply, Logistics, Marketing and Information Technology Lawrie Conway Executive General Manager Commercial and West Africa Disclaimer Forward Looking Statement These materials include forward looking statements.
More informationIndustry Solutions Mining Engineering Document Control and Project Collaboration Solutions for the Mining Industry Provide Flexibility and Simplicity
Industry Solutions Mining Engineering Document Control and Project Collaboration Solutions for the Mining Industry Provide Flexibility and Simplicity Industry Solutions The Great Dilemma In the facing
More informationONTARIO S MINERAL DEVELOPMENT STRATEGY
ONTARIO S MINERAL DEVELOPMENT STRATEGY 2015 For information on Northern Development and Mines, contact: Northern Development and Mines 159 Cedar St Sudbury Ontario P3E 6A5 1-888-415-9845 (toronto) 1-866-349-1388
More informationCanadian Spirit Resources Inc.
This management discussion and analysis ( MD&A ) of the financial conditions and results of operations should be read in conjunction with the audited financial statements for the year ended December 31,
More informationENGINEERING LABOUR MARKET
ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers
More informationJune 18, 2014. Dear Sirs/Mesdames:
June 18, 2014 Me Anne-Marie Beaudoin Corporate Secretary Autorité des marchés financiers 800, square Victoria, 22e étage C.P. 246, tour de la Bourse Montréal (Québec) H4Z 1G3 E-mail: consultation-en-cours@lautorite.qc.ca
More informationHow To Know If You Can Make Money From Mining
TSX:NML OTCQX:NWLNF www.nmliron.com Building From Strength New Millennium Iron Corp. Special Information Session September 17, 2015 Montréal, QC Taconite Project Proposed Concentrator Forward Looking Statements
More informationLocation of significant gold and base metals drill results announced 2013
Exploration, development and mining mining codes and their role in attracting long term investment ensuring a balanced participation in benefits IPAD 214 Location of significant gold and base metals drill
More informationBusiness. Small. Banking
26 Public Accountability Statement CIBC has been an important part of the Keelan family business for more than 50 years. For third-generation business owner Joyce Keelan, pictured with CIBC Branch Manager
More informationCURRENT'INVESTMENT'OFFERINGS'2015'
CURRENT'INVESTMENT'OFFERINGS'2015' INVESTMENT'NAME: Maple'Leaf'2015'Oil'&'Gas'Royalty'Income'LP' ' CONTACT'INFORMATION:' ShannonPineau ExemptMarketDealingRepresentative P: 403=872=4010 TF: 855=872=4010
More informationUNEARTHING POSSIBILITIES
UNEARTHING POSSIBILITIES Human Resources Challenges and Opportunities in the Canadian Mineral Exploration Sector A MiHR Sector Study Report This project is funded in part by the Government of Canada s
More informationElectricity Rates Forecasting:
Electricity Rates Forecasting: Muskrat Falls Will Options: Stabilize Rates for Consumers Legal S92A, Good Faith and Regulatory Proceedings in Quebec Department of Natural Resources October 2012 Department
More informationNSS Resources Inc. MANAGEMENT DISCUSSION AND ANALYSIS For the year ended June 30, 2015
This Management Discussion and Analysis ( MD&A ) of NSS Resources Inc., ( NSS or the Company or the Issuer ) provides an analysis of the Company s performance and financial condition for the 12 months
More informationHow To Develop Hydrogen Fuel Cells
EXECUTIVE SUMMARY 7 Executive Summary Innovation in energy technology has widespread implications for OECD economies. Although the energy sector accounts for a small share of GDP, the pervasive use of
More informationLetter from the President
Letter from the President Evolving Structural Change in Financing and Trading in the Venture Capital Markets Vol. 82 There have been significant changes in the pattern of common equity financings but you
More informationForward Looking Information
TSX: NASDAQ: MPV MDM Forward Looking Information Caution Regarding Forward Looking Information Certain information included in this presentation constitutes forward-looking information within the meaning
More informationProcess Automation Markets 2010
PRESS RELEASE Important Findings of the New Market, Strategy, and Technology Report Process Automation Markets 2010 Development of the automation world market for the process industries until 2010 World
More informationMCAN MORTGAGE CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS
MCAN MORTGAGE CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS MARCH 31, 2016 MANAGEMENT S DISCUSSION AND ANALYSIS OF OPERATIONS This Management s Discussion and Analysis of Operations (
More informationNEWS RELEASE LEXAM ANNOUNCES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT RESULTS FOR THE OPEN PIT PROJECTS IN TIMMINS
NEWS RELEASE LEXAM ANNOUNCES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT RESULTS FOR THE OPEN PIT PROJECTS IN TIMMINS Project Generates 32% IRR and C$33 Million NPV After-Tax; Cash Costs of US$865 per Ounce
More informationFORWARD LOOKING STATEMENTS
MPH Ventures Corp. (MPS: TSX.V) Advancing Gold and Molybdenum Projects in Canada June 2013 1 FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements including but not limited
More informationBullion and Mining Stocks Two Different Investments
BMG ARTICLES Bullion and Mining Stock Two Different Investments 1 Bullion and Mining Stocks Two Different Investments March 2009 M By Nick Barisheff any investors believe their portfolios have exposure
More informationBUILDING VALUE THROUGH DISCOVERY. Nickel Exploration in Labrador
BUILDING VALUE THROUGH DISCOVERY Nickel Exploration in Labrador OCT May 2015 Forward Looking Statement Disclaimers and Cautionary Statements. The information contained in this presentation is provided
More informationManitoba Public Utilities Board Guide to the Purchase of Natural Gas in Manitoba
Manitoba Public Utilities Board Guide to the Purchase of Natural Gas in Manitoba As a Manitoba natural gas consumer, you now have more choices available for buying the natural gas you use in your home
More informationYAMANA GOLD ANNOUNCES SIGNIFICANT NEW DISCOVERIES AT CHAPADA AND EL PEÑÓN IMPROVE OPERATIONAL OUTLOOK
YAMANA GOLD ANNOUNCES SIGNIFICANT NEW DISCOVERIES AT CHAPADA AND EL PEÑÓN IMPROVE OPERATIONAL OUTLOOK TORONTO, ONTARIO, December 15, 2014 YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) ( Yamana or the Company )
More informationBusiness Law Bulletin
October 2015 Business Law Bulletin A Crude Wake Up Call: What the Price of Oil Means for Reserve-Based Lending Introduction Since 2014, energy prices have precipitously declined by nearly 60% and are expected
More informationAurvista Gold Plans Significant Exploration Program at Douay
NEWS RELEASE For Immediate Issue June 14, 2016 Aurvista Gold Plans Significant Exploration Program at Douay Ø The main gold target is the largely untested northwestern section of the Porphyry Zone; the
More informationONTARIO GREEN BOND Q&A s
ONTARIO GREEN BOND Q&A s 1. What are Green Bonds? Green Bonds are debt securities where the issue proceeds are utilized to fund projects with specific environmental benefits. Green Bonds are a new funding
More informationNext-generation mining: People and technology working together
Next-generation mining: People and technology working together Every new Mine of the Future technology begins with the question: What new idea can we bring to mining to make it safer, more productive,
More informationA Beginner s Guide to the Stock Market
A beginner s guide to the stock market 1 A Beginner s Guide to the Stock Market An organized market in which stocks or bonds are bought and sold is called a securities market. Securities markets that deal
More informationAnalysts Ideas of the Week Anglo American walks away from Pebble
Week of September 16, 2013 Analysts Ideas of the Week Anglo American walks away from Pebble www.researchfrc.com Sid Rajeev, B.Tech, MBA, CFA Head of Research Anglo American walks away from Pebble Last
More informationRolloOver Mortgages in Canada
I. INTRODUCTION RolloOver Mortgages in Canada Donald R. Lessard* The Canadian system for financing housing differs in a number of important respects from the U.S. system. Of greatest interest for this
More informationPRESS RELEASE. November 12, 2013
PRESS RELEASE November 12, 2013 TORC OIL & GAS LTD. ANNOUNCES THIRD QUARTER 2013 FINANCIAL & OPERATIONAL RESULTS, SUCCESSFUL TRANSITION TO SUSTAINABLE DIVIDEND PLUS GROWTH COMPANY AND INCREASE TO 2013
More informationGUIDE TO BUSINESS FINANCE & BUSINESS FUNDING
GUIDE TO BUSINESS FINANCE & BUSINESS FUNDING M3 Corporate Finance M3 Corporate Finance is an independent corporate finance house focused exclusively on mid-market transactions. M3 offers specialist corporate
More informationFIRST QUARTER CONFERENCE CALL MAY 4, 2010
FIRST QUARTER CONFERENCE CALL MAY 4, 2010 1 Cautionary Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference forwardlooking statements
More informationIncome Tax Incentives for Solar Energy Development in Canada. By Laura Monteith, Ash Gupta, and Thomas J. Timmins of Gowling Lafleur Henderson LLP
Income Tax Incentives for Solar Energy Development in Canada By Laura Monteith, Ash Gupta, and Thomas J. Timmins of Gowling Lafleur Henderson LLP This article provides a brief summary overview of several
More informationTHE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS
THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS Leadership makes the difference January 211 The Economic Impact of Corporate Tax Rate Reductions January 211 Canadian Manufacturers & Exporters Author:
More informationW.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9
W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating
More informationComparison Analysis of the Australian Dollar with BFI Production, Commodity Exports and Mining Industry
Comparison Analysis of the Australian Dollar with BFI Production, Commodity Exports and Mining Industry Hee Joong Kim (James) hvk5120@gmail.com September 10, 2015 ABSTRACT Australia is the largest iron
More informationCRESCENT POINT ENERGY ANNOUNCES $1.45 BILLION CAPITAL EXPENDITURES BUDGET FOR 2015
PRESS RELEASE CRESCENT POINT ENERGY ANNOUNCES $1.45 BILLION CAPITAL EXPENDITURES BUDGET FOR 2015 January 6, 2015 CALGARY, ALBERTA. Crescent Point Energy Corp. ( Crescent Point or the Company ) (TSX and
More informationSaskatchewan is poised for a streak of standout growth over the next two years and is very much at the forefront of the economic surge underway in
Saskatchewan is poised for a streak of standout growth over the next two years and is very much at the forefront of the economic surge underway in western Canada. Craig Wright, Sr. V.P. and chief economist,
More informatione-brief Equipping Ourselves in Tough Times: Canada s Improved Business Investment Performance By Colin Busby and William B.P.
e-brief July 9, 2009 I N D E P E N D E N T R E A S O N E D R E L E V A N T ECONOMIC GROWTH AND INNOVATION Equipping Ourselves in Tough Times: Canada s Improved Business Investment Performance By Colin
More information2011 Small Business Resilient - TD Economics
OBSERVATION TD Economics Small Business Resilient Even in Turbulent Waters Highlights Small business is an important part of the Canadian economy. Despite economic turbulence, the small business sector
More informationThe Economic Importance of the Coal Industry in B.C. and Canada Michelle Mondeville
The Economic Importance of the Coal Industry in B.C. and Canada Michelle Mondeville Director of Communications and Stakeholder Relations, Coal Association of Canada Canadian Coal Mines 2 Coal Production
More informationComparing Chinese Investment into North America and Europe
Comparing Chinese Investment into North America and Europe 1 EXECUTIVE SUMMARY Chinese outbound foreign direct investment (OFDI) has grown rapidly in recent years and is increasingly flowing to high-income
More informationInformation. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview
Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,
More informationEnergy BUSINESS PLAN 2015 18 ACCOUNTABILITY STATEMENT THE MINISTRY LINK TO GOVERNMENT OF ALBERTA STRATEGIC DIRECTION
Energy BUSINESS PLAN 205 8 ACCOUNTABILITY STATEMENT This business plan was prepared under my direction, taking into consideration the government s policy decisions as of October 5, 205. original signed
More informationThe 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis
1. Introduction The 2024 prospects for EU agricultural markets: drivers and uncertainties Tassos Haniotis Director of Economic Analysis, Perspectives and Evaluations; Communication DG Agriculture and Rural
More informationNorth America Consumer Home Equity Loan Survey. Unlocking home equity lending through a digitally empowered consumer
North America Consumer Home Equity Loan Survey Unlocking home equity lending through a digitally empowered consumer Signs of a rebound continue to show in the North American home equity lending market.
More informationEXPLORING WEALTH MANAGEMENT SOLUTIONS
EXPLORING WEALTH MANAGEMENT SOLUTIONS Providing the requisite expertise and resources to manage the complexities of significant wealth. [ EXPLORING WEALTH MANAGEMENT SOLUTIONS WE PROVIDE IMPECCABLE SUPPORT
More informationAdjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.
Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and
More informationCollaborating For Competitiveness: Building Toronto's Incubation Network (Implementation Action #1)
STAFF REPORT ACTION REQUIRED Collaborating For Competitiveness: Building Toronto's Incubation Network (Implementation Action #1) Date: February 22, 2013 To: From: Wards: Economic Development Committee
More informationBRAZIL. 2013 was a slow year in Brazil with just over 2% GDP growth.
BRAZIL 2013 was a slow year in Brazil with just over 2% GDP growth. Compared to 2012, however, Brazilian businesses were better able to anticipate market conditions and respond accordingly. As a result,
More informationCanada A Global Leader in Renewable Energy Enhancing Collaboration on Renewable Energy Technologies
Canada A Global Leader in Renewable Energy Enhancing Collaboration on Renewable Energy Technologies Energy and Mines Ministers Conference Yellowknife, Northwest Territories August 2013 Canada A Global
More informationSpecialized Financing in the Oil & Gas Industry
Specialized Financing in the Oil & Gas Industry How to proceed? What are our needs when starting a project? What are our objectives when we approach financings? Why we can rely on banking financings? 1
More informationTestimony of Barbara D. Lockwood, P.E. Manager, Renewable Energy Arizona Public Service Company
Testimony of Barbara D. Lockwood, P.E. Manager, Renewable Energy Arizona Public Service Company Before the U.S. House of Representatives Select Committee on Energy Independence and Global Warming Blowing
More informationThrough the Snow, Job Market Plows Ahead
Through the Snow, Job Market Plows Ahead Douglas Porter Chief Economist, BMO Capital Markets The Conference Board s consumer confidence report revealed that those reporting jobs hard to get fell yet again
More informationAssociation. Colleges. 1 Science, ACCC is of all ages. supplying. graduates support. Over the Canada s recognizes. (2008 09 sector and
Association of Canadian Community Colleges Submission to the Government of Canada s Sciencee and Technology Consultation February 7, 2014 The Association of Canadian Community Colleges (ACCC) appreciates
More informationLecture 4: The Aftermath of the Crisis
Lecture 4: The Aftermath of the Crisis 2 The Fed s Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort
More informationEconomic Impacts of MLS Home Sales and Purchases in Canada and the Provinces
Economic Impacts of MLS Home Sales and Purchases in Canada and the Provinces Economic Impacts of MLS Home Sales and Purchases in Canada and the Provinces Prepared for: The Canadian Real Estate Association
More informationLeith Wheeler Canadian Equity Fund
Leith Wheeler Canadian Equity Fund ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2014 This annual management report of fund performance contains financial highlights, but does not contain complete
More informationTORONTO STOCK EXCHANGE COMPANY MANUAL APPENDIX B DISCLOSURE STANDARDS FOR COMPANIES ENGAGED IN MINERAL EXPLORATION, DEVELOPMENT & PRODUCTION
B-1 APPENDIX B DISCLOSURE STANDARDS FOR COMPANIES ENGAGED IN MINERAL EXPLORATION, DEVELOPMENT & PRODUCTION 1.0 INTRODUCTION The disclosure of the results of exploration and development activity on mineral
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationOverview. A fact sheet from Feb 2015
A fact sheet from Feb 2015 National Renewable Energy Laboratory Federal Programs Enable Unprecedented Solar Power Deployment Federal investment in scientific discovery and technology is vital to maintaining
More informationGenworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO
Genworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO Genworth MI Canada Inc. 1 Scotia Capital Financial Summit September 2012 Forward-Looking and Non-IFRSs Statements This presentation includes certain
More informationTHE ALBERTA CAPITAL MARKET:
THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW MAY 214 REPORT TABLE OF CONTENTS Table of Contents Introduction 5 Executive Summary 6 Key Observations from 213 7 Provincial Comparisons 8 Charts and
More information