Speaking at the recent China Mining Conference in Beijing, Dr. Stephen Lucas, assistant deputy minister of Natural Resources Canada, said Canada’s total exploration budget this year could reach an unprecedented $2.5 billion.
The 2007 total would be the highest level of spending ever recorded in Canadian exploration history. Last year $1.7 billion was spent on exploration across the country.
Dr. Lucas also pointed out that Canadian mineral and metal production reached $54.7 billion in 2006. Of that total, metals accounted for $21.2 billion, nonmetallic minerals $10.2 billion, coal $2.2 billion and oil sands $21.1 billion.
Meanwhile, the Toronto Stock Exchange Group has become the leading exchange group for financing the mining industry, David Kaiser, the Toronto Stock Exchanges senior manager of global resources, told participants of the conference in Beijing.
The Toronto Stock Exchange and the TSX Venture Exchange added 64 new mining listings in the first half of this year alone, he added.
In terms of China, 134 mineral properties in China are operated by mining companies listed on the TSX or the TSXV, Kaiser said.
Dr. Lucas noted that as of January 2007, 48% of the mineral projects held by TSX and TSX-V-listed companies were outside of North America.
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