EDITORIAL & OPINION — GUEST COLUMN — Being heard on the Hill

On Nov. 24, more than 40 mining delegates from across Canada will travel to Ottawa to participate in Mining Day on the Hill. From CEOs of mining companies to mayors of mining towns, these delegates share a common goal — to ensure the continued health and growth of the Canadian mining industry.

I am one of this year’s delegates, and as I prepare to depart for Ottawa, I want you to know the messages my fellow delegates and I will be delivering to Canadian policymakers.

Mining makes a vital contribution to the Canadian economy through its myriad connections to other industries. Last year, mining accounted for 55% of Canadian rail freight revenues, 61% of the volume passing through Canadian ports and $6.7 billion in financing. This contribution should not be taken for granted. Mining is a risky and complex business — the minerals and metals industry needs a high level of investment before its products reach the market, and investment decisions need to be made for the long term, even though the cyclical nature of commodity markets makes future revenues uncertain.

Through a paper entitled The Minerals and Metals Policy of the Government of Canada: Partnership for Sustainable Development, the federal government has recognized the importance of mining and has made commitments to sustain the industry. These commitments include providing fiscal treatment that recognizes the unique nature of the industry and having regulatory processes which ensure the industry remains competitive globally.

Despite these commitments, little has changed. The combined effects of federal, provincial and territorial income taxes and royalties, together with a growing number of non-profit taxes and levies, make it increasingly difficult for Canadian mining companies to compete in the world market.

We want a regulatory process that is efficient, predictable and non-duplicative; a process that creates an operating framework that will assure the continued health and prosperity of one of Canada’s most important industries.

We are travelling to Ottawa to remind the government of its commitments and to remind individual policymakers that a strong mining industry will benefit all Canadians

— The author is chief operating officer of Barrick Gold and chairman of the Mining Association of Canada. He wrote this column at the request of Mining Works for Canada, an organization designed to increase awareness of the importance of mining in this country.