Forestry & Energy

Major contributors to Thunder Bay and region’s economy

There is still a long way to go to ensure economic parity on projects for Indigenous partners in the region. But the number of opportunities for First Nation partners is growing, which is a positive sign. Company and government policies are shifting. Mindsets are shifting. We will continue to see Indigenous participation grow in most if not all areas of economic development throughout Northwestern Ontario.

Thunder Bay Ready for Coming Mining Boom

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Argonaut Gold in Dubreuilville has started producing and Greenstone Gold Mines draws ever closer to pouring its first gold bar while Treasury Metals, First Mining Gold, and others are in the exploration and development stages. In other words, gold is not going away any time soon.

Currently, Northwestern Ontario’s mining industry contributes $1.5 billion to the provincial economy. That represents 20% of the Ontario’s $7.5 billion mining industry. Those numbers are poised to grow as the critical minerals boom rolls out and more mines come online.

Natural Resource Sector Outside of Mining Still Strong

It’s too early to count out forestry as a major contributor to Thunder Bay and region’s economy – as of 2021, it is still the big brother. After some huge dips, the forestry industry has stabilized somewhat in recent years. Resolute recently sold Thunder Bay’s pulp and paper mill to Atlas Holdings. Resolute’s sawmill in Fort William First Nation has operated for over 20 years now. Energy is another area of tremendous growth, both in terms of generation and transmission. The recently completed East-West Tie is one transmission project along with the ongoing Watay and Waasigan projects. The Little Jackfish Hydro Project just north of Lake Nipigon will help generate more power for the region including possibly nearby mining projects.

Indigenous Communities, Businesses to Benefit More

The coming boom also marks a new era in social licence for the natural resource sector. Surrounding First Nations and Indigenousowned businesses in Northwestern Ontario, who have traditionally been left out of the economic equation, will be participating in most if not all projects. More and more natural resource companies are adopting formal policies to include Indigenous partners. Leading the way are companies such as Hydro One, which last year committed to partnering with Indigenous companies 50/50 on every major transmission project in Ontario.

Of course, “boom” is shorthand for “a whole lot of economic opportunities, all at once.” The Thunder Bay CEDC is helping harness those economic opportunities. For example, on everyone’s mind is the labour needed to build and operate these new mines. Andrew Kane, Natural Resources Business Development Manager at CEDC, said the city and region are working hard to be ready. In September 2022, the CEDC invited all stakeholders to a workshop to discuss the topic. It’s just one way the CEDC helps connect companies moving to the area with labour, suppliers (including Indigenous-owned companies and joint ventures), and other supports to make the transition easier.

“Northwestern Ontario is the next mining powerhouse. If you think the boom is here, you haven’t seen anything yet,” Kane said. “The CEDC is here to help all businesses moving to the region and those already operating to help make developing our resources a smoother process for everyone.”

All companies working in and around Thunder Bay can find information and CEDC supports at: https://gotothunderbay.ca/