Here
are some of the items that caught my interest this week in terms of some
economic significance for northern Ontario as well as more general interest.
A fair number of stories having to do with mining and the growing feeling that
there is finally a resurgence in the mining sector. A story in this morning's Thunder Bay Chronicle Journal also mentioned that the Hemlo mine may have more life in it. However, it is
important to separate this from the hype regarding the Ring of Fire which faces
a number of other obstacles (see my previous post). As The Economist story
referenced below noted: "The
potential of “green” metals and minerals, which along with copper and cobalt
include nickel, lithium and graphite, is adding to renewed excitement about
investing in mining firms as they emerge from the wreckage of a $1trn splurge
of over-investment during the China-led commodities supercycle, which began in
the early 2000s. The most bullish argue that clean energy could be an even
bigger source of demand than China has been in the past 15 years or so."
Ring of Fire, demand for critical elements driving future of
Ontario mining. TimminsToday. March 8th, 2017.
The richest seam: Mining companies have dug themselves out
of a hole. The Economist. March11th, 2017.
Let the mining cash flow-through: Exploration industry applauds one-year extension of tax
credit program. Northern Ontario Business. March 7th, 2017.
In
other news, like Thunder Bay, Sudbury is also going through debate and
discussion on a new arena and like iterations of the debate in Thunder Bay,
location is an issue. One view sees a new arena in the downtown area on
the site of the current arena whereas another view wants it further afield.
Interesting point is the proposed price tag which comes in at $80 million
dollars (plus another $20 million for land) which is below what estimates ($114 million) for a new facility in
Thunder Bay come in at. Sudbury is apparently also getting a new casino.
Will new arena plans dominate Sudbury's 2018 municipal
election? CBC News Sudbury. March 8th, 2017.
Casino Operator will focus on Sudbury in May.
Sudbury.com. March 11th, 2017.
It
also turns out there is a bit of contention over OPG jobs which have been moved
out of North Bay and partly to Timmins and Cornwall, Ontario. Jobs are a
scarce commodity in the north and the broader public sector has become a pillar
of most communities. When it comes to employment, I suppose the public
sector giveth and the public sector taketh away.
20 OPG jobs coming to Timmins. TimminsToday.
March 6th, 2017.
North Bay mayor: Wynne meddled with OPG announcement to ride
good presswave. Sudbury.com. March 7th, 2017.
While North Bay is unhappy with the OPG development, it can take
consolation in new dealings with Russia. I would imagine this will provide opportunities for travel.
Invest North Bay signs agreement with Russian investment
group. Northern Ontario Business. March 8th, 2017.
And for those of you waiting for what will happen to redevelop HMV
properties being vacated in the north, this item.
Sunrise Records announces expansion into Sault Ste. Marie.
CBC News Sudbury. March 9th, 2017.
Thunder
Bay is apparently not getting one yet. However, residents of
Thunder Bay can take some solace in its new transit development courtesy of The
Beaverton and more seriously the proposed infrastructure spending on its recreational facilities at local schools.
Regarding the proposed infrastructure spending on track and field facilities, a
student is quoted as saying: "It's
an opportunity to play on a field like to play on a field like the people down
in southern Ontario get to play (on)." I suppose we can all regard
this development as helping to level the playing field with respect to southern
Ontario at least with respect to sports, if not the use of the English
language. However, it may be a long-term investment in health via exercise as
other stories suggest the North may still not be a very healthy place relative to
southern Ontario. See for example: Grim Data Emerging. The Chronicle Journal. March
12th, 2017.
This story did not
provide a regional breakdown on snowmobile deaths but the gender breakdown
shows males are more likely to die in snowmobile accidents. On a per
capita basis, there are probably more deaths in the north. In the week of
February 22nd, there were five fatalities - one in Oro-Medonte, one in
Thorton, two in Nipigon and one in Lindsay, Ontario.
Have
a great week.