Vale and Hudbay are expecting little impact from mining tariffs being imposed in Canada and the United States.
Zinc and copper mining in northern Manitoba are unlikely to be impacted by tariffs issued by either American or Canadian governments.
“We expect the impact on Manitoba mining to be minimal,” said Andrea McLandress, executive director of the Mining Association of Manitoba, Inc. (MAMI) McLandress also said MAMI has not yet taken a formal position on the tariffs.
“Generally, we’re focused on creating certainty for mining investment in Manitoba.”
One of the biggest reasons for the lack of impact for the region is due to the international nature of Canada’s mine industry. Companies from South America, Europe and Asia all play in an extensive role in Canadian mining, with American-based companies barely playing a role in the market.
The two major companies operating in northern Manitoba, Vale and Hudbay, are not American-based. Vale is headquartered in Brazil, with its Canadian subsidiary, Vale Limited (formerly known as Inco), the group that owns and operates the Thompson nickel mine, based in Toronto.
“This is something we’ll look at on a federal level and we’ll defer to our member companies,” said McLandress.
While Hudbay owns and operates a project in Rosemount, Ariz., the company itself is based in Toronto and carries out most of its operations within Canada.
When reached for comment, Hudbay director of corporate communications Scott Brubacher said the situation has not yet had a negative impact for the company.
“It’s business as usual for us at present, but we’re keeping a close eye on development,” he said.
Mining companies in the north are more likely to be impacted by market fluctuations in base metal prices, particularly in zinc, copper and nickel.
International copper prices have seen a sharp decline over the past month, with prices per metric ton dropping by more than $1,000 a metric ton since early June. Zinc prices have declined slightly from June 2017, while international nickel prices have seen a modest increase over the past year and have seen sizable increases in recent months.
