The mining and mineral exploration industry welcomed the news on Tuesday, but stressed the need to improve Canada's global competitiveness.

"It will be important to ensure our sector is a key aspect of federal government policy as providing a competitive investment climate is critical to the success of our industry and the contribution we make to the overall strength of the Canadian economy," Mining Association of Canada CEO Pierre Gratton said.

The Liberal platform specifically included commitments on resource sector electrification and zero-emission vehicles, Indigenous reconciliation and infrastructure investments, particularly in Canada's North where enormous opportunities for the mining sector exist.

Similarly, the other party platforms also included commitments around infrastructure, innovation, investing in the North and sustainability, presenting opportunities for inter-party collaboration.

While Canada has long benefited from a prosperous minerals and metals industry, the country is not immune to global competitive forces and cannot take the benefits and opportunities that exploration and mining present to Canadians for granted.

"With the strong building blocks Canada already has in place, and with mineral exploration and mining playing a critical role in the low-carbon future, the need to support one of the country's most vital sectors is more important now than ever before," Gratton said.

The Prospectors and Developers Association of Canada also hailed the minority victory, stressing it was looking forward to work with all stakeholders to "further enhance the competitiveness of Canada's mineral industry," said president Felix Lee.

High-priority issues affecting the exploration sector include responsible access to land, sound fiscal policy and regulatory certainty that supports investment in Canada. This can help improve discovery rates of the minerals essential to everyday life and that will support a low carbon future.

Canada's exploration and mining industries provide about 630,000 jobs to Canadians and is the largest employer of First Nations outside of government. The industries contribute about 5% or C$97 billion to the country's GDP.

Not so happy about the result on Tuesday were Albertans, where Conservatives swept all Liberal seats. Talk of #Wexit trended on social media as the local economy desperately seeks access to markets for its crude oil produced from mining rich oil sands deposits in the province.

The Canadian Association of Petroleum Producers also welcomed the election result. "A strong oil and natural gas industry can contribute to the government's mandate and benefit all Canadians by providing affordable energy, prosperity, and creating opportunities for Indigenous communities," CEO Tim McMillan.

"The election of a minority government reflects the diversity of Canadians and the need to work constructively together to achieve our mutual goals. We all agree on the importance of making life affordable for Canadians, enabling results on climate change, and creating prosperity for all."