THUNDER BAY – The executive director of the Ontario Prospectors Association foresees a rebound in the mining market though, though it will likely take time.
Speaking at the annual Mines and Minerals summit, which began on Tuesday at the Valhalla Inn, Garry Clark said there hasn’t been a lot of new work done in the past year.
A drop in commodity prices has been felt throughout the industry, leaving little money available for the exploration of new deposits and potential projects.
“We’re not very busy. There isn’t a lot of money in the system right now,” Clark said.
“I think we’re going to see an upturn. It’s going to be slower of an upturn but it’s heading that way.”
More than 300 people pre-registered for the show with Clark expecting as many as 400 people to visit the show by the time it wraps up on Wednesday.
The exhibition features explorers and junior companies from across the region and brings them together with investors and other industry stakeholders.
“I think there’s a lot of optimism,” Clark said. “There are still some things happening. People are raising money and that’s the main thing, to get money into the system.”
The acquisition by Noront Resources of the former Cliffs Ring of Fire holdings gives new hope for the lucrative development that has been slow to get going.
“It gives Noront a real edge. It consolidates the ground, which is a big thing. I think it will move forward a lot easier,” Clark said.
