Canada has a population of 34 million and a vibrant mining industry with more than 1,400 listed companies active in the industry. Despite the global economic recession from 2019 to 2021, the growing demand for raw materials from highly industrialized countries, especially from Asia, has had a significant impact on Canada’s mining industry. The country has now become a world leader in minerals and mineral production and is a major supplier of uranium and potash fertilizers in the world market. The mining industry contributes more than 40 billion U.S. dollars to its economy every year.
Canada’s best mining companies and their activities
Regardless of whether a company’s size is measured by market capitalization, revenue, or net assets, these companies are Canada’s largest players in selected markets. As one of the most successful gold mining companies in the world, Barrick Gold operates in eight countries and has more than 20,000 employees in 26 mines around the world. Its acquisition of Placer Dome increased its revenue and affected the increase in metal prices of its main product lines (such as gold, copper, silver, and zinc), thereby affecting profits.
The main contributor to the Canadian economy is the Saskatchewan Potash Corporation, which is the world’s largest fertilizer producer. This news became news after the Canadian government defeated BHP Billiton’s hostile takeover last year. Suncor Energy Inc. is a leading oil sand exploration and production company. Rising oil prices have a major impact on his bottom line. The company to watch is Teck Cominco, which is often referred to as the “preferred partner” for entry-level miners. The company is active in most areas of mining, base metals, coal, and gold production, and is now diversifying into oil sands.
Talent and salary
Due to the retirement of “baby boomers” born between 1946 and 1964, there is a shortage of experienced middle managers in the 30-50 age group, which is as evident in Canada as in other parts of the world. The Mining Human Resources Commission (MIHRC) stated that the industry will need 100,000 additional labor to maintain current production levels. Although measures are being taken to encourage newcomers, the talent gap is widening.
Retaining employees should be a major strategy for mining companies. The flexibility of human resource policies needs to allow professionals to move across continents, they need to consider customized solutions for key employees and innovative solutions for rotations that adapt to family life. Design-related incentive plans should be the focus of its agenda.
Coopers Consulting-PwC’s 2011 mining industry salary research report stated, “In 2011, CEOs still received a wave of higher salaries and cash bonuses.” Their statistics show that 56% (more and more people) The annual salary is more than 1 million U.S. dollars. The PricewaterhouseCoopers report goes on to say that recently graduated mining engineers with one to two years of experience are expected to receive an annual salary of approximately US$75,000. Therefore, young professionals in the mining field can start their careers in Canada well.
The turbulent global economic climate will affect the demand for commodities, and there is no consensus on the prospects. Having said that, Canada’s mining industry currently looks strong enough.