Pros And Cons Of Mineral Exploration In Canada - A Banker?s Viewpoint

When Eugene Bailey asked me to contribute to this session on "Canadian exploration - 1976", it took a little coaxing before he got me to agree. My immediate reaction was, what could i say about Canadian exploration that already had not been said a hundred times in the past few years; secondly, why include a banking person in such a discussion? Everyone knows banks only come into the picture after the discovery has been made and feasibility well established and validated. Rather than wrestle with these misgivings, I decided to take the easy way out and go on blind faith in Eugene - that is, he asked me so he must think that I could come up with some useful thoughts and at least touch upon some of the pros and cons of exploration in Canada. The object of the whole exploration exercise is to Find economic deposits, once they are found, one cannot really move them elsewhere to mine them. It follows, therefore, that we should really be speaking about the pros and cons of mining In Canada and my treatise will eventually lean in this direction. In any event and before getting down to the pros and cons, let us take a quick look at the history of mineral resource development in our country since the end of world war II. At that time, we were producing well under one billion dollars worth of mineral products including hydrocarbons.