THUNDER BAY -- The Province of Ontario is missing out on billions of tax dollars and thousands of mining jobs for the people of Northwestern Ontario.
That's according to a new research report published by the Northern Policy Institute.
NPI says eight potential mining projects are currently on hold in our region, with an estimated wealth of over $135 billion and the potential to create thousands of jobs. Among the mines listed as "failed projects" are the Noront Eagle's Nest mine in the Ring of Fire, which is still waiting for approval, and the Phoenix Gold project in Red Lake, which was halted in November.
Karl Skogstad, who co-authored the report and teaches economics at Lakehead University, said had these eight mines been fully functioning three years ago, they would have been much more lucrative than they are now.
Skogstad said the three main issues halting the projects are inadequate infrastructure, the long environmental review process and coordinated consultation processes with First Nations. However, the report argues that the region could still see a renewed mining boom if it prepares now for the next rise in commodity prices.
(THUNDER BAY TELEVISION)
