New Brunswick will reconsider the potential for the mining
industry to serve as a critical source of GDP growth.
OVERVIEW
Problem
In the past, New Brunswick was globally recognized for its mining industry. However, recently this industry has seen several mine closures that has resulted in a drop to about 25% of the GDP it produced in the 2000s.
Cause
The mining sector was never able to recover after 2008, after controversy began to roll out against shale gas mining and the sisson tungsten mine, and this led to legislation that made it extremely difficult for shale gas mining to continue after 2016. Alongside these occurrences was the 2013 closure of Bathurst's Xstrata Zinc mine, as well as the closure of the potash mines in Sussex in 2016. Outside of specific mines, decreases in global market mineral prices have also made it less economically feasible to develop/re-open sites.
Importance
New Brunswick’s mining industry has existed for over 40 years and was once a pillar in the mining industry globally. The province has large amounts of many different minerals all over the province (specifically; potash, shale gas, and metal ores) and reinvigorating the province's mining industry could stimulate economic development and sustain higher levels of investment and employment.
Recommendation
New Brunswick has the opportunity for to develop mining once again, as long as it is both economically feasible and environmentally sustainable. There are plenty of logging roads around the province to get to the resources, and excellent shipping ports in Belldune and Saint John to export these resources. If mineral prices were to increase, development of mining could be increasingly viable in the future.
