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Growth in mining sector reshaping Quebec economy

BARRIE MCKENNA

OTTAWA— Globe and Mail Blog

Posted on Thursday, March 15, 2012 12:48PM EDT

http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/growth-in-mining-sector-reshaping-quebec-economy/article2370299/

 

Think of the Quebec economy, and the traditional drivers are energy, forestry and manufacturing. But there’s a new engine in Quebec – mining – and it’s reshaping the economy of both the province, and the country.

 

Investment in the province’s mining industry is expected to reach $4.4-billion this year, up 62 per cent from 2011. That’s nearly equal to the capital that will be poured into manufacturing ($5-billion), a remarkable 27 per cent of all business investment in the province and represents half of all mining investment in the country, according to a National Bank of Canada analysis of recent Statistics Canada figures.

 

“That’s never happened before,” National Bank of Canada chief economist Stéfane Marion said in an interview. “It’s a huge growth driver for the province this year, and in the future.”

 

It’s not the only first. Quebec will lead the country in mining investment this year, outpacing Ontario, Mr. Marion said.

 

Mining investment is expected to hit $3.7-billion in Ontario, $2.8-billion in B.C. and $500-million in Alberta.

 

For Quebec, the money pouring into dozens of iron ore, gold, copper and other mining projects could add a full percentage to GDP this year and cause an unexpected boost in royalty revenue for the cash-strapped government. It will also have spinoff benefits for Montreal-area manufacturers, who will help supply mining-related equipment.

 

But Mr. Marion said there are broader implications. The Quebec economy is starting to look a lot more like the booming resource-rich provinces of the West.

 

“This is a material change in the industrial structure of Quebec,” Ms. Marion said. “It brings the interests of Western Canada and Quebec into line. It’s not just a pure Western Canada story now. It’s spreading to Eastern Canada.”

 

Quebec is also positioning itself to capitalize on the growing resource appetite in China and other fast-growing emerging economies, he said.

 

And the good news: The mining boom is just getting started as Quebec plots its 25-year “Plan Nord” strategy.

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So maybe we should stop economic activity? Just become fat and lazy?

 

Il me semble que c'est pertinent de se pencher sur les coûts et les bénéfices de nos investissements publics en matière d'économie.

Je ne dis pas que l'étude à raison, j'en ai aucune idée, mais je suis plutôt partial à avoir le rendement maximum du développement du Nord, et tant mieux si on prend la peine d'y réfléchir.

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Les sonettes d'alarme ne sont jamais inutiles. L'IRIS est un organisme sérieux. Bien sûr, ils peuvent eux aussi avoir négligé certains paramètres, par défaut idéologique et ainsi être un peu à côté, mais je serais surpris qu'ils soient totalement dans le champ. Ce que ça veut dire, c'est que si la seule vertu de cette étude est de nous obliger à être vigilants et de bien observer l'ensemble des coûts et bénéfices, ce sera déjà ça de gagné. C'est quand on s,asseoit sur nos lauriers et qu'on est trop confiant qu'on peut se faire passer des sapins. Je continue de croire en l'énorme potentiel du développement du Nord, mais je souhaite qu'on ne le fasse pas les yeux fermés. Ne négligeons surtout pas le principe élémentaire de prudence.

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We dont have time to wait anymore. We need to put our best foot forward and make this happen. Quebec is paralyzed by pseudo-intellectuals who don't want to do anything but study things - NOTHING EVER GETS DONE

 

You're rather tiresome. Your first reaction is to shit all over the idea that Plan Nord has great potential by bringing up a study- which you have not read and do not understand- that has misgivings about the plan. Then, in order to achieve a double negative, you shit all over the study that you cited. Amazing! You infer that both the plan and the study that criticizes the plan both suck! Either way- everything sucks according to you.

 

I know very little about mining but it's clear that there is immense potential in Plan Nord. With billions of dollars of public money on the line I would hope that a few 'pseudo-intellectuals' who are experts in the field get involved. Blindly plowing ahead on a project with such mammoth implications would be hugely irresponsible.

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One would assume that the government has done their homework prior to launching in this venture. So instead of creating layers of duplication, let the government do it's job. Quebec has never been able to get everybody united in any projects, so should not unite on this one?

 

If you assume the government did their homework then why did you bring up the IRIS study in the first place?

 

The IRIS study is not duplication it's an independent analysis, and saying that Québec has never united on anything is simply idiotic.

 

And yes mark_ac, one look around the world today will tell us that governments are infallible and always do their homework. We should never question them or their motives. They always do the right thing...

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Je ne me souviens plus quelle compagnie va agrandir ses bureaux au centre-ville à cause des activités dans le Nord, mais Montréal va beaucoup profiter de ce boom. SCN devrait augmenter la hauteur de leur siège social, ils vont en avoir besoin! :thumbsup:

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Je ne me souviens plus quelle compagnie va agrandir ses bureaux au centre-ville à cause des activités dans le Nord, mais Montréal va beaucoup profiter de ce boom. SCN devrait augmenter la hauteur de leur siège social, ils vont en avoir besoin! :thumbsup:

 

Je crois qu'il s'agissait de Hatch qui sont situé au 5 place-ville-marie

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