Canada is blessed with great geology, competitive tax rates, a stable political system and a non-discriminatory regulatory regime, which helps to explain why the country ranks among the top destinations for the world's mineral industry, not only to meet but also to do business, Natural Resources Minister Joe Oliver told participants in the 2012 Prospectors and Developers Association of Canada Convention March 5

Canada has more than 200 active mines, producing more than 60 minerals and metals, and the country ranks as the No. 1 producer of potash.

"We rank in the top five in aluminum, cadmium, cobalt, diamonds, nickel, platinum group metals, salt, titanium concentrate, tungsten and zinc. With recent discoveries in the region that we now call the Ring of Fire, in northern Ontario, it's a good bet we'll soon be a major producer of chromite as well," Oliver said.

In wide-ranging remarks, the minister cited evidence of the Canadian mining industry's impact on the rest of the world. As of 2010, Canadian mining and exploration companies were active in more than 100 countries, with 826 mining companies having total assets worth more than C$129 billion outside Canada, according to Oliver. Almost 60 percent of the world's publicly listed mining companies list in Canada, including more than 1,200 junior mining companies. These companies account for 40 percent of the world's exploration expenditures, which are expected to top C$4.2 billion in 2012.

In Canada's North, Northwest Territories is well on its way to becoming the third-largest producer of diamonds in the world. In Yukon Territory, what many are calling a New Klondike Gold Rush is underway. Last year, more than 114,000 mineral claims were staked in the Yukon. There are now more than a quarter of a million claims up there, considerably more than the 17,000 claims staked at height of the first Gold Rush back in 1898, Oliver said.

The minister reiterated the federal government's commitment to supporting mining, citing the C$100-million GEM program, the Geo-mapping for Energy and Minerals initiative which is about to enter its fourth field season, having produced 28 regional geophysical surveys and 473 open file releases of new geoscience maps and data that is available at no cost to the public on the Natural Resources Canada website.

NRCan is also working with industry, academia, and provincial and territorial geological surveys to develop new ways of exploring for deeper mineral deposits through the C$25-million Targeted Geoscience Initiative. The department is also working with industry on other initiatives and programs promoting sustainable development and other improvements around the globe.

NRCan's mining labs, for example, have developed an enhanced leaching process for recovering precious metals. Companies using this new process have reportedly experienced productivity gains generating value of C$28 million.

"Forbes Magazine says Canada is now the best country in the world in which to do business," Oliver said. "And according to the Fraser Institute, several Canadian provinces and territories are consistently ranked as being the most attractive places in the world to invest exploration dollars. Both the (International Monetary Fund) and the (Organization for Economic Cooperation and Development) predict Canada's economic growth will be among the best this year and next."

The Canadian government, however, recognizes the need for more improvements and is working to modernize the country's regulatory system by streamlining the approval process for major projects across Canada.

"The competition for investment is as tough as the competition for any other commodity. Investors want predictability, they want low-risk, and they want to see returns sooner rather than later," Oliver said. "Since we established the Major Projects Management Office in 2008, the average time for federal regulatory approval of major projects has been reduced by more than half, from more than four years to less than two."

The government is now exploring new approaches for further improvements. In B.C., for example, Canada has delegated the environmental assessment of Teck's Line Creek Coal Mine Expansion to the Province of British Columbia.

"By integrating the federal and provincial processes, we're eliminating duplication and saving time and money without compromising the quality of the review," Oliver said. "Our goal is to deliver more predictable and timely reviews and reduce regulatory burden while improving environmental protection and supporting meaningful Aboriginal consultation. In order to do that, we need to focus our resources where it matters most, that is, on larger projects that potentially have the most environmental impact.

"Furthermore, clear timelines from the beginning to the end of the regulatory process are needed to improve the predictability of the regulatory environment and further support investment and planning decisions," he added.