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Manitoba’s $3-billion minerals industry will be showcased and explored by members of the mining community from around the world as the 2008 Manitoba Mining and Minerals Convention opens tomorrow in Winnipeg, Science, Technology, Energy and Mines Minister Jim Rondeau announced today.

 

“Over the years, this convention has promoted Manitoba’s mineral resource potential as an investment opportunity,” said Rondeau. “The convention provides the ideal forum to learn more about exploration and mining in Manitoba.”

 

The conference will focus on how new geological findings can attract and assist exploration and also cover industry issues affecting people and the environment.

 

Rondeau said Manitoba’s world-class deposits of nickel, copper, zinc, gold, lithium and cesium are the backbone of the province’s second-largest primary resource industry.

 

The minister noted the mining industry makes a significant contribution to Manitoba’s economy. In 2007, mineral production totalled $2.5 billion for metals and industrials and $600 million for petroleum, reaching a record $3.1 billion and tripling its value since 2003.

 

Natural Resources Canada (NRCan) reports company spending on exploration in Manitoba since 2000 has totalled more than $358 million. In 2007, company spending totalled $102.6 million, an all‑time high, almost double the $52.9 million spent in 2006 and triple the amount spent in 2003.

 

For 2008, estimates by NRCan indicate that more than $135 million will be spent in Manitoba on mining, although the 2008 forecast will be impacted by current market conditions.

 

Manitoba’s mining industry has thrived over the past five years but the global economic crisis, financial markets and dropping metal prices are creating challenges for the industry, said Rondeau.