Canada’s mineral exports reach new records, driven largely by gold production — report
The Mining Association of Canada (MAC) has released a new report; The Mining Story – Canadian Mining Industry Facts and Figures, spotlighting the latest statistics and making recommendations for sustainable growth. Canada produces more than 60 minerals and metals through its mining activities. The total value of Canadian mineral production in 2023 was C$71.9 billion, up from C$58.6 billion in 2021, according to the report. In 2023, the sector contributed C$117 billion, or 4% of Canada’s gross domestic product (GDP). The mining sector encompasses extraction, mining services, primary metal and mineral manufacturing, and downstream metal and mineral manufacturing. Extraction contributed C$54.8 billion to GDP; Mining services contributed C$8.6 billion to GDP; Primary metal/mineral manufacturing contributed C$21 billion to GDP while downstream metal/mineral manufacturing contributed C$32.4 billion to GDP. When mining, quarrying and oil and gas extraction are included, the sector’s contribution rises to 5.1% of GDP, a stable and significant share of Canada’s economy over the past decade, with Alberta’s mined oil sands playing a major role, the report found.This growth was led by the increase in production values for nonmetals and coal. The total value of mineral and metal production has quadrupled since 2000. Canada is among the top producers of metals and non-metallic minerals in the world. It is the top producer of potash, second largest producer of niobium and uranium, and third largest producer of precious diamonds and palladium (by metal content). Rising commodity prices have boosted the value of gold, with the industry now surpassing passenger vehicles as Canada’s second largest export, and Canada’s mineral product exports are reaching new records, driven largely by its gold production, the report found. The economy of the future depends on minerals and metals from Canada, MAC asserts. Regulatory efficiencies “To supply the resources that are needed, Canada must foster a more efficient investment and regulatory environment. In recent years, the mining sector has welcomed positive commitments from the federal government, including the Canadian Critical Minerals Strategy, Fall Economic Statements, and the 2022, 2023, and 2024 Budgets,” the report reads. The association emphasizes that regulatory inefficiency can slow project momentum. “Action is especially important on coordination with provinces including enhanced use of substituted assessments (one project, one review), coordination within the federal government, and process improvements on Indigenous consultation.” The true test of success lies in the effective and efficient implementation of policies that accelerate the delivery of Canadian minerals and metals to global markets that are demanding them, MAC notes. Oil & gas exports Oil and gas made up a quarter of all of Canada’s exports, at C$177 billion. In 2022, Canada was the third largest exporter of crude oil, responsible for 9% of global exports, and crude oil production in Canada grew from 1.3 billion barrels in 2016 to 1.7 billion barrels in 2024. The majority of Canadian crude oil is exported, the report found, and the fraction is growing: from 86% of production in 2016 to 90% of production in 2024. “Because of our strong infrastructure and business links, the United States is the primary export destination for Canadian crude oil, receiving more than 95% of our exports,” the authors note. “Despite some economic headwinds, mining has been a steady source of growth for the Canadian economy,” MAC CEO Pierre Gratton said. “As Canada and its allies work to secure critical minerals to meet economic, security, and climate goals, these numbers show the wealth that could come to Canada if we develop our mineral endowment.” Employment statistics There were 430,000 people employed in high-quality jobs within the sector, with an additional 281,000 in indirect employment—representing one in every 28 employees in the Canadian labour force. The minerals industry is also an important employer of Indigenous peoples, providing jobs for more than 12,000 individuals in 2023. The report emphasized the mining sector will require more than a hundred thousand new workers over the next decade. The industry can build on its success in recruiting Indigenous employees, but will need to increase recruitment of women, young workers and visible minorities to reflect the demographics of the Canadian workforce, MAC asserts, adding that increasing the number of university and college graduates in mining-related fields will also help to create a strong pool of mining workers for the next generation. But Gratton cautioned that the country cannot take these statistics for granted. “Geopolitical challenges, national security concerns, the transition to a low-carbon economy and the basic need to build and sustain a strong economy in the face of tariffs will require far more mined materials than we currently produce,” Gratton said. “Canada’s mining sector is better positioned than most to withstand economic headwinds caused by tariffs, so now is the time to double down on attracting new investment into this important sector of the Canadian economy.” The full report is here. Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
