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Benefits of a Gold Mine to Provincial, Regional and Local Economy – Mining Life

Nov 12, 2014

The development of a gold mine in Northern Ontario creates economic benefits for the region where it is located as well as the overall Ontario economy concluded a study released by the Rotman School of Management at the University of Toronto that was commissioned by the Ontario Mining Association.

The Study examined the impacts from the construction of an open pit and underground gold mine.

Open Pit Gold Mine

A new open pit gold mine cost $750 million spread over three years to construct.  That excludes all exploration, planning, permitting and other preconstruction expenditures. Over a 20 year lifespan, the mine generates sales of $300 million per year, and employs 440 persons on site with total compensation of $142,200 per worker.

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