Canada’s Resources: Mining Single Industry Towns Canada’s Resources: Mining

Some are based on renewable resources (forests) A single industry town depends on one major industry for its economic survival This is usually based on a nearby resource (i.e. forestry, mining, etc.) Some are based on renewable resources (forests) Some are based on nonrenewable resources (mining)

Boom and Bust Economic success of the town is tied to the demand for the product Price and demand for the product are always changing Single industry towns are tied to a Boom and Bust Economy When demand is high the town prospers (Boom) When demand goes down prices fall, there are shutdowns, layoffs, etc (Bust)

Mining towns face the prospect of running out of the resource When this happens stores and services close down, people begin to move away The town dies and becomes a ghost town What can be done?

Economic Diversification The community must expand its economic base by developing other industries (besides the resource based industry) Examples: Sudbury, ON – originally based on the copper-nickel mine located there. They began to diversify and attracted Laurentian University, large hospitals, Federal Income Tax Centre, Science North, and other tourism

Elliot Lake, ON – originally based on the uranium mine located there Elliot Lake, ON – originally based on the uranium mine located there. When the demand for uranium went down the town was forced to diversify. The town is now primarily a large retirement community. They are also working on attracting more business and industry to the town. www.cityofelliotlake.com/en/invest/index.asp