EDITORIAL PAGE — Around the world in four days

Without leaving the comfort of Toronto’s Royal York Hotel, delegates of the 63rd annual convention of the Prospectors and Developers Association of Canada in early March were able to sample a tempting array of mining opportunities that are being offered in almost every corner of the globe.

Government delegations from more than 30 countries were on hand to provide information on these prospects to the more than 3,000 industry representatives who attended the event. It amounted to a whirlwind trip around the world in four short days.

In South America, the hotspots continue to be Chile, Peru and Argentina. Mexico’s gold potential is coming to light, thus ensuring strong interest in this country. Elsewhere in Central America, Panama’s copper-gold potential has rendered that country interesting to both majors and juniors alike. As might be expected, companies were eager to hear more about opportunities in countries such as Ghana, Zimbabwe, Burkina Faso, Mali and Ivory Coast. This year, the African representation has expanded to include such countries as Ethiopia and Eritrea. The investment community’s opinion of Africa is clearly improving, and companies are recognizing that much of the continent is open for exploration.

Although foreign opportunities were front and centre at the convention, the recent nickel-copper-cobalt discovery at Voisey Bay, Labrador, brought home the message that major mineral deposits are waiting to be found at home. Drill core from this impressive discovery, on view at the conference, was the object of much admiration and envy for major mining companies from around the world. The discovery is now viewed as one of the most significant to be made in Canada in decades.

Meanwhile, government officials from Newfoundland and Labrador are viewing the deposit as having the potential to transform the economies of these regions where, because of the collapse of the East Coast fishery, unemployment has reached chronic levels.

At the awards ceremony, Northwest Territories Premier Nellie Cournoyea brought home “Northern Realities” when she discussed the changes taking place in the region. Cournoyea called the recent federal budget “a turning point in this century,” adding that “the way things were is not the way things will be.”

The premier drove home the point that the Territories wants to have more control over its natural resources so that it can benefit from their development. Only in this way, she said, can the Territories hope to reduce its dependence on federal transfer payments and work towards greater self-sufficiency.

More than likely, this was music to the ears of BHP Minerals Canada and its junior partner, Dia Met Minerals, which are leading the way towards development of Canada’s first diamond mine.

As in Newfoundland and Labrador, unemployment is high in the Northwest Territories. In these regions, resource development offers the best prospect for jobs for young people, including aboriginals, and spinoff benefits for northern communities.

Federal, provincial and territorial governments in Canada are now facing tough economic realities and hard competition from a large number of emerging nations eager to draw away capital and mining expertise that could be spent in this country.

It is time our political leaders showed stronger support for our mining industry, and specifically for the Northwest Territories diamonds project and the Labrador nickel discovery. Both hold the promise of being the proverbial goose that lays golden eggs where they are needed most..