Ontario Leads Business Mission to South America to Expand Business Opportunities in the Mining Sector
Helping Businesses to Identify New Markets to Drive Growth and Create Jobs
TORONTO — Vic Fedeli, Minister of Economic Development, Job Creation and Trade, is leading a mining manufacturing and equipment focused business mission to Peru and Ecuador from April 13-17, 2020, exposing Ontario businesses to new markets in order for them to expand and create more jobs.
In advance of the mission, the Minister participated in the Prospectors and Developers Association of Canada (PDAC) convention in Toronto where he met with government representatives and senior executives from the mining sector in South America including the heads of the Peruvian delegation, Susana Vilca Achata, Minister of Energy and Mines of Peru and María Antonieta Alva, Minister of Economy and Finance of Peru as well as heads of the Ecuadorian delegation, Enrique Gallegos, Vice Minister of Mines of Ecuador and Freddy Villao, Undersecretary of Strategic Development in the Office of the Vice President of Ecuador.
"Peru and Ecuador represent an abundance of untapped potential, with their mining sectors offering high potential for Ontario suppliers to the mining industry," said Minister Fedeli. "By diversifying Ontario's global trading partners, we are creating a climate for our province's businesses and economy to thrive."
"Our government is focused on bringing good jobs and investment to the province," said Greg Rickford, Minister of Energy, Northern Development and Mines. "Ontario is a leading jurisdiction for mineral extraction and production and our government is making sure that the world knows that we are Open for Business and Open for Jobs."
During the mission, Minister Fedeli will meet with government officials and corporate executives in the mining sector. Businesses from Ontario's mining sector will attend market and industry intelligence briefings and meet with local businesses to develop new opportunities. Delegates will also attend Expominas, an international trade fair for heavy construction and mining machinery, held annually in Quito, Ecuador.
- Nearly 1 in 5 jobs in Ontario depend on trade. With over 1.3 million jobs supported by exports, Ontario’s jobs are the most export-reliant across Canada.
- With approximately 900 mining supply and service companies, Ontario's leading-edge mine supply and service sector produces more than $10 billion worth of mineral production, supplies and services every year.
- With 40 operating mines in Ontario and about 150 companies actively exploring more than 200 mineral exploration projects, mining in Ontario supports 26,000 direct jobs, and approximately 50,000 indirect jobs associated with mineral manufacturing and processing.
- Toronto is the mining finance capital of the world: the Toronto Stock Exchange (TSX) and Toronto Venture Exchange (TSX-V) list more mining companies than any other exchange.
- Peru has had one of the fastest-growing economies in Latin America, with GDP growth of 4 per cent in 2018.
- Peru is the world’s largest silver producer and second largest copper producer, making mineral exploration and extraction a key sector. Several mining projects are expected to begin in 2019 to 2022 with a focus on responsible extraction.
- Ecuador’s government aims to expand mining exports from $270 million in 2018 to $2 billion in 2021, which means opportunity for Ontario suppliers of mining equipment and services.
- In June 2019, the Ecuadorian government announced the discovery of an underground mine that could be among the largest gold, copper and silver deposits in the world. The government also announced a public mining policy aimed at fostering a fairer commercial environment for the industry. Ontario exports to the country were $36 million in 2018.