Mining companies are reportedly spending millions of dollars to buy up an ore market that has seen a sharp increase in demand for the material in recent years.
According to Reuters, a spokesperson for the Canadian Mining Association, the industry group representing the mining industry, told the news outlet that “there has been a surge in ore imports from the United States.”
Reuters cited a Canadian Mining Department spokesperson as saying that the US and Australia have both recently started to see an increase in ore purchases from the countries.
Reuters reported that Canadian mining company, Cameco, which is currently the world’s largest miner, recently purchased more than 2,000 tonnes of aluminum ore.
A recent report from the International Association of Machinery and Aerospace Engineers (IAEA) said that demand for aluminum ore has “more than doubled since 2012.”
The report also pointed to “a sharp spike in aluminum ore production” and a spike in imports from China.
Aluminum, one of the most popular metals in the world, is mined from deep beneath the earth’s surface, and the ore can be used in high-tech products ranging from electronic parts to cars.