The number was driven by two major deals: an Australian company’s C$495 million purchase of the Red Lake Gold Mine complex and a Chinese firm’s C$323 million acquisition of Guyana Goldfields and Aranka Gold. The deals also place mining second overall in attracting Asia-Pacific FDI since 2003 with C$35.9 billion. That is behind only the energy sector’s C$109.9 billion and well ahead of consumer goods C($28.2 billion).
The report also showed Vancouver to be a major beneficiary of Asia-Pacific mining and industrial metals FDI as the metropolitan region has secured 81 deals totalling C$18.3 billion since 2003 in the two sectors. That accounts for a whopping 72% of all Vancouver inbound investment over the last 18 years.
“If you ask somebody that works downtown in one of the big office towers, they probably have a strong understanding of our connection to the mining sector,” said Pauline Stern, program manager (Business Asia) at the Asia Pacific Foundation of Canada. “But from a marketing and public awareness perspective, mining – at least recently in the last five-to-10-year period – has really diminished in people’s understanding of what component of Vancouver’s economy it really represents.”
Most notably, the investment report…