I am pleased to have participated in the preparation of the sixth edition of The Mining Law Review. The Review is designed to be a practical, business-focused ‘year in review’ analysis of recent changes and developments, their effects and a look forward at expected trends.
This book gathers the views of leading mining practitioners from around the world and I warmly thank all the authors for their work and insights.
The first part of the book is divided into 18 country chapters, each dealing with mining in a particular jurisdiction. Countries were selected because of the importance of mining to their economies and to ensure broad geographical representation. Mining is global but the business of financing mining exploration, development and – to a lesser extent – production is concentrated in a few countries, Canada and the United Kingdom being dominant. As a result, the second part of this book includes four country chapters focused on financing.
The advantage of a comparative work is that knowledge of the law and developments and trends in one jurisdiction may assist those in other jurisdictions. Although the chapters are laid out uniformly for ease of comparison, each author had complete discretion as to content and emphasis.
Much of the mining sector is emerging from a lengthy down-cycle. The world economy is expanding, albeit at a deliberate pace. Demand for minerals is generally sustained and prices are climbing. Exploration in many parts of the world, and in Canada in particular, has rebounded.
The mining industry’s hard work over the past few years is finally paying off. Tight cost controls combined with economic growth have improved profitability and investors have noticed. Price earning ratios are favourable and suggest that investors anticipate increased profits in the future. This improved state of affairs encourages corporate growth, whether via new projects or acquisitions.
All of this portends to increased activity for mining lawyers, something that the mining bar has not seen in some time.
As you consult this book you will find more on topics apposite to jurisdictions of specific interest to you, and I hope that you will find this book useful and responsive.
Erik Richer La Flèche
Stikeman Elliott LLP