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2017/18
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those that explore and produce in Canada — is the low
Canadian dollar. But by the second quarter of this year
the price of gold was over US$1,265 an ounce — just
over $1,700 an ounce in Canadian dollars — which
changes the dynamics quite sharply for Canadian ex-
plorers and producers. "If you're producing in Canadian
dollars and your costs are in Canadian dollars, that
means you can make some money again," says Mariage.
"Economically, you're there. Just off the top, throw in
the exchange-rate piece and it makes jurisdictions such
as Canada a nice place to do business."
e Bay Street investment banks are showing a lot of
interest, he says, but he is also seeing renewed interest
out of Europe. Many investors appreciate the stability
of the jurisdiction compared with some countries in Af-
rica, Southeast Asia or South America, where a regime
change or some other condition can lead to a change in
permissions and ownership. "Mining is a risky invest-
ment," he says, "so people who invest in mining are al-
ways weighing risk against potential reward. When you
add uncertainty into the mix, dollars get scared, so if
they have a chance to invest in a stable jurisdiction ver-
sus one where the laws can change suddenly and licences
be revoked, the stable jurisdiction looks like a safer bet."
ere are producing gold mines throughout Canada
including in northern BC, Ontario, Nunavut and Qué-
bec. In northern Québec alone, for example, there are
10 producing gold mines owned by companies includ-
ing Agnico-Eagle, Gold Corp. and IAMGOLD, as well
as 11 gold mines under development — which means
"they are between exploration and operation" says Ann
Bigué, counsel at Dentons Canada LLP in Montréal,
and some by active producers.
ere is a lot of gold in northern Québec, and more
and more activity and exploration. She points to Gold-
corp's Éléonore mine in the James Bay region — well
north of the 52nd parallel — which is not only an active
mine, it is expected to eventually become Canada's lar-
gest gold-producing mine. She says it is giving people the
confidence that gold can successfully be mined in that
remote location.
In fact, the area around James Bay has been said to be
in the midst of a mini gold rush. Much of the explora-
tion is being done by juniors as well as by the producing
mines, says Bigué, "because what they want is to expand
their reserves. Exploration funding is key. It's not that
easy, but the increase in the gold price has helped and
the exchange rate has helped as well."
Mariage is not surprised that Canada's Midas touch
is slowly reasserting itself. Canada has been mining gold
for over 100 years, he says, adding that 65 to 70 per cent
of all the gold mines around the world are operated by
Canadians. "e knowledge, the sophisticated man-
power to be able to put these projects into production at
a fair price, we're known for that."
Benoit, Patrice Gowling WLG
(514) 392-9550 patrice.benoit@gowlingwlg.com
Mr. Benoit specializes in corporate restructuring, insolvency and com-
mercial litigation, representing financial institutions, venture-capital
corporations, accounting firms, trustees, trade creditors and other
companies. He works in all insolvency-related fields, including corpor-
ate restructuring and corporate reorganization. He appears before the
Superior Court and the Court of Appeal of Québec.
Bergner, Keith B. Lawson Lundell LLP
(604) 631-9119 kbergner@lawsonlundell.com
Mr. Bergner is a recognized authority on Aboriginal law as well as
environmental and regulatory processes. He has extensive experi-
ence relating to major natural resource projects in various industries,
including mining, hydroelectric generation and transmission, oil & gas,
LNG, pipelines, infrastructure and transportation projects. His project
development practice extends throughout Canada.
Bigué, QC, AdE, Ann Dentons Canada LLP
(514) 878-8808 ann.bigue@dentons.com
Ms. Bigué practises regulatory, Aboriginal and environmental assess-
ment law in connection with mining, energy, infrastructure and industrial
development projects and forestry development activities in Canada.
Represents corporate clients in negotiation of agreements between
Aboriginal communities and project proponents, and provides strategic
advice on complex issues relating to Aboriginal rights.
Birchall, Charles J. Willms & Shier
Environmental Lawyers LLP
(613) 761-2424 cbirchall@willmsshier.com
Mr. Birchall has over 25 years' experience devoted to environmental
law, including the application of environmental law and Aboriginal law to
mining projects in Canada. He has expertise with environmental assess-
ment and permitting compliance requirements associated with mining
projects. He is on the Environment and Science and Aboriginal Affairs
Committees of the Mining Association of Canada.
Boswell, Duncan C. Gowling WLG
(416) 862-4466 duncan.boswell@gowlingwlg.com
Mr. Boswell is an exceptional commercial litigator who has conducted
dozens of trials, arbitrations and appeals over the past 25 years. He is
known for his strategic thinking on sophisticated corporate and com-
mercial disputes. He has applied his considerable knowledge, resource-
fulness and skill to advise clients in various industries, including the
banking, mining and construction sectors.
Branchaud, René Lavery, de Billy, L.L.P.
(514) 877-3040 rbranchaud@lavery.ca
Mr. Branchaud, partner at Lavery, has extensive experience in the field of
mining law through his involvement with several mining compagnies. Mr.
Branchaud has thorough knowledge of natural resources law, corporate
law, mergers and acquisitions and securities law. Over the years, he has
been recognized several times as a leading practitioner in the field of
natural resources law.
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