Just one new gold mine in Ontario could provide more than 2,200 direct and indirect jobs and pay more than $102 million in tax revenue for all levels of government annually, according to a study commissioned by the Ontario Mining Association.
Authored by University of Toronto economists Peter Dungan and Steve Murphy, the study demonstrates the positive economic impacts on an annual basis for both an underground and an open pit gold mine.
The study concludes that an underground gold mine with 620 direct employees and approximately $300 million in sales annually would create 894 mining supply and service jobs and a further 690 induced jobs largely in the retail and service sector.
"Though conservative in their nature and in their assumptions, the numbers in this study speak loudly and clearly about the positive contributions a new gold mine would have for the economy of Ontario," said OMA president Chris Hodgson.
Dungan is the director of the policy and economic analysis program at the University of Toronto’s Rotman School of Management. Murphy is a research associate at the school's Policy and Economic Analysis Program.
The full report, An Au-thentic Opportunity: The Economic Impacts of a New Gold Mine in Ontario can be found on the OMA website www.oma.on.ca.
