Upcoming Construction Projects in Ontario
According to Reed Construction Data, Ontario’s construction sector is on track to grow by just over 11% in 2012. The mining sector is due to capture some of that market. 2011 was the first year that mineral exploration topped $1 Billion in Ontario, and the province contributed 21% of all mining in Canada. One new mine in Ontario can create significant economic ripples in the community and be a ripe opportunity for heavy equipment owners and operators, and the mines that are due to come online between now and 2020 are going to require heavy equipment operators to build the sites and for ongoing operations.
Current and upcoming projects
While many projects are immediately on the table in Ontario in 2012, including a new gold mine at Detour Lake and the reopening of three older gold mines in the Kirkland Lake area, a project that has contractors fired up is the Ring of Fire deposit in Ontario. The deposit contains a vast mix of minerals and spans a huge area of northwestern Ontario.
The chromium deposits alone in this newly discovered deposit are estimated to be worth $30 Billion. A summit between First Nations and northwestern Ontario communities have recently settled on Exton, Ontario as the potential site for one of the mining operations necessary to mine these deposits. While the review process for a deposit of this size will undoubtedly take some time, the work to build these mines and operate them is definitely on the table to begin within the next five years or so. With rising commodity prices, the security of projects involving silver and gold mining is solid.
Heavy Equipment Use in Mining
Heavy equipment used to build the mines will be standard construction equipment, such as graders, excavators, cranes, bulldozers and compactors. This is the stuff that outside contractors are likely to be hired to use on the construction site. Mining companies will likely purchase their own equipment once the mines are operational, including mining shovels/excavators, underground mining loaders, and other pieces of equipment and heavy machinery.
Financing Heavy Equipment in Ontario
Heavy equipment is a large capital cost for any company, from owner operators to large mining operations. Financing its purchase can be tricky, particularly if you are outlaying large amounts of money at the start of a non-producing mine project. Patron West is a financing company that has been financing equipments for companies of all sizes in Alberta’s resource industry for years.
We’ve got ongoing relationships with financing partners in Ontario that will put you with the equipment you need without the need to approach your bank for extra financing. Equipment financing is all we do, and while we work for larger corporations, our main customers are equipment owner/operators or companies that maintain small fleets of equipment. It doesn’t matter how new you are to business, we can find financing for what you need, even unusual heavy equipment that the bank won’t touch.
Contact Patron West today to find out what we can do for you to help your business get ready for construction season in Ontario.