London based ArcelorMittal is planning a giant new opencast mine 300 miles inside the Canadian Arctic Circle in a bid to extract a potential $23bn (£14bn) worth of iron ore. This move comes amidst soaring iron ore prices in China.
The mining industry can be said to be the single most important factor in building the Canadian Economy up to where it is today. It is the largest exporter of minerals and metals in the world and is the leading producer and exporter of potash and uranium; the second-largest producer of asbestos and sulphur and the third-largest of titanium, platinum-group metals (PGMs) and mine zinc, fourth in aluminium (from imported oxide), fifth in copper, lead, silver, and gold, and among the leading producers of nickel, salt, and nitrogen in ammonia. Petroleum, natural gas and diamonds are also top commodity exports. Canada exports 90% of all extracted minerals. Despite its top ranking, Canada still has vast potential as only 0.03% of the country has been explored.
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