Eager beavers as nation toasts current state of mining report – and itself

It has the most lakes in the world, invented the sport basketball, and in March 1975 bestowed the highest honour ever on a rodent when the beaver became an official symbol of the country.

The country is known for having the oldest brewery in North America – not only did they start it in 1786 but the brewery is still running today. Molson Coors Canada produced Molson Canadian beer and it is still brewing it today right where they started.

Today (1 July 2024), beers are flowing as Canada commemorates its national holiday – a day of celebration since 1868 when Governor General Lord Monck signed a proclamation requesting all of Her Majesty Queen Victoria’s subjects across the country to celebrate the day.

Canada Day comes just weeks after the Mining Association of Canada (MAC) released The Mining Story 2024 Canadian Mining Industry Facts and Figures report, an overview of current trends in the country’s mining sector based on the latest statistics and analysis.

The report shows the current state of mining and the Canadian economy is strong.

In 2022, mining, quarrying and oil and gas extraction represented 7.8% of Canada’s gross domestic product (GDP). The sector made up a larger portion of Canada’s economy than finance, construction, transportation or retail trade.

The Mining Story 2024 report’s release comes a month after Mining.com.au published the final instalment of its The May Twenty Four series – released on Queen Victoria’s birthday on 24 May – a campaign toasting ‘cheers’ to the country’s major mining regions.

Like Australia, Canada likes to indulge in a brewski or two – or even a two-four – although beer consumption by both nations overall has been on the decline. What hasn’t been declining is the mining sector in Canada.

Mining Association of Canada (MAC) President and CEO Pierre Gratton toasts the mining industry as an engine of Canada’s economy, but notes current demand for its natural resources presents opportunities “on a scale we’ve never seen before”.

Gratton says the rebound in mineral and metal production “is great to see after a lengthy period of lower commodity prices”.

“As Canada and its allies seek to secure critical minerals and other mining products for the future to address national security and climate change goals, these numbers also tell us about how much wealth can come to Canada if we build out our mineral endowment,” he says.

Mineral-rich and expansive much like Australia, Canada is a mining nation well-endowed with metals and critical minerals essential for the global energy transition.

Globally, Canada is a top five producer of potash, uranium, niobium, diamonds, platinum, graphite, indium, aluminium, zinc, and gold and a top 10 producer of cobalt, nickel, iron ore, lead, and copper.

According to The Mining Story 2024, extraction contributed C$45 billion to Canada’s GDP in 2022, an increase of 21% from 2021. Mining services contributed C$10.1 billion, an increase of 50% from 2021.

In 2022, primary metal/mineral manufacturing contributed C$23 billion to GDP, which was an increase of 13% from 2021.

There are more than 200 operational mines in Canada producing diamonds, gold, coal for steel, potash, iron ore and other critical components for the global economy.

The country produces more than 60 minerals and metals through its mining activities, which operate in every province and territory yet just four account for more than 75% of the total value of production – Ontario, Québec, British Columbia, as well as Newfoundland and Labrador.

The May Twenty Four series was a celebration of one of the world’s premiere mining hubs following a year-long investigation that featured a spate of Australian mining investments in Canada and evolved to uncover much more.

Formerly known as Dominion Day (Fête du Dominion in French), Canada Day is a federal statutory holiday and one observed by this news service once again offering “cheers”.

Write to Adam Orlando at Mining.com.au

Images: Rochelle Padua
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.