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SOURCE Mining Association of Canada (MAC)
FIPAs to protect and promote Canadian mining investment in Zambia and
Cameroon
TORONTO, March 4, 2013 /CNW/ - The Mining Association of Canada (MAC)
commends the federal government on the signing of two new Foreign
Investment Promotion and Protection Agreements (FIPAs) with Zambia and
Cameroon. The announcement was made today by the Honourable Ed Fast,
Minister of International Trade and Minister for the Asia-Pacific
Gateway at the 2013 PDAC Convention in Toronto.
"Given the global nature of our sector, the Canadian mining industry is
highly supportive of the formation of new trade agreements," said MAC's
President and CEO, Pierre Gratton. "Today's announced FIPAs with Zambia
and Cameroon are strategic, and help ensure that Canadian mining
investment is supported and protected in these important emerging
markets where great opportunities for responsible mining growth exist."
Africa is a significant destination for mining capturing 15 per cent of
global exploration investment in 2011, according to Metals Economics
Group. In the same year, the TSX and TSX Venture exchanges accounted
for more than $1 billion in capital raised for African mining projects
in over 35 countries on the continent.
According to Foreign Affairs and International Trade Canada, in 2011,
Canadian mining assets in Cameroon were valued at more than $35
million, while Zambia's mining assets were worth in excess of $6
billion. "Zambia and Cameroon have significant potential to improve
their wealth through sustainable development of the mining industry,
and the conclusion of these agreements is an important step forward to
support that direction," said Gratton.
Gratton notes that Canada's mining industry is responsible for 10 per
cent of Canadian Direct Investment Abroad (CDIA). Mining CDIA
contributes directly to job creation, Canada's mining services sector -
the second largest in the world - and to Canada's global leadership in
mining.
Foreign investment protection mechanisms under FIPAs, including access
to international arbitration, are relevant in the event of investment
disputes. They also provide companies that are making long-term
investments with an added layer of confidence. For these and other
benefits accompanying freer trade, MAC encourages the federal
government to continue with its active trade agenda, through
negotiating and, where possible, finalizing other FIPAs and free trade
agreements.
About MAC
The Mining Association of Canada is the national organization for the
Canadian mining industry. Its members account for most of Canada's
production of base and precious metals, uranium, diamonds,
metallurgical coal, mined oil sands and industrial minerals and are
actively engaged in mineral exploration, mining, smelting, refining and
semi-fabrication. Please visit www.mining.ca.
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