Minerals and the economy

Canada is recognized as a leading mining nation. Our minerals sector, which includes exploration, mining and related support activities, primary processing, and downstream product manufacturing, is a mainstay of the economy that supports jobs and economic activity in every province and territory.

Find out what Canada is doing to advance the economy through minerals

Critical minerals

Canada is capitalizing on the rising global demand for critical minerals by building vertically integrated supply chains, adding value and jobs here at home and reinforcing our global leadership. Canada is a key global producer of copper, nickel and cobalt and hosts advanced mineral projects for rare earth elements, lithium, graphite and vanadium. Canada is leveraging its mining prowess, and strong environmental, social and governance (ESG) credentialsto create competitive supply chains for critical minerals and value-added products, processes and technologies, which range from zero-emission vehicles (including Li-ion batteries, permanent magnets and specialty alloys) to wind turbines and hydrogen fuel cells, to information and communication technologies (including semi-conductors).

Learn more about critical minerals in Canada and consult the interactive map of critical minerals sites in Canada

Greenhouse gas emissions and advanced green technologies

Developing Canada's minerals sector in clean and sustainable ways ensure that it can continue to contribute to the Canadian economy for years to come.

Greenhouse gas emissions

Canadian mines have relatively low intensities of greenhouse gas emissions across a range of commodities. Canada’s carbon competitiveness stems from a host of advantages, including access to clean energy sources and significant investments in research, development and adoption of green technologies.

Canadian mines and processing facilities continue to invest to lower their emissions through electrification of equipment and vehicle fleets and through the development of new technologies. This includes mines in remote off-grid locations that have few alternative energy sources. Some of these remote sites have installed wind turbines to reduce their dependency on diesel fuel.

Advanced green technologies

The Green Mining Initiative, led by Natural Resources Canada (NRCan), aims to improve the minerals sector's environmental performance and create green technology opportunities. NRCan works in close partnership with provincial and territorial governments, industry, academia, non-governmental organizations and other interested stakeholders, such as the Canada Mining Innovation Council.

Learn more about green mining innovation.

Mineral production

Canada is the global leader in potash production and ranks among the top five global producers of diamonds, gemstones, gold, indium, niobium, platinum group metals, titanium concentrate and uranium.

Canada is also the world’s fourth-largest producer of primary aluminum.

Learn more about 10 Key Facts on Canada’s Minerals Sector (PDF - 2505 KB).

Mineral production by commodity group

The value of Canadian mineral production in 2023 was $71.9 billion, down 8% from $78.5 billion in 2022. The value of metals production rose by 2%, while non-metals and coal declined by 18% and 20%, respectively, largely due to lower prices for coal and potash during this period.

Canada’s top five mineral products by value for 2023 were gold, potash, coal, iron ore concentrates, and copper. Their combined value was $50.4 billion, accounting for over two thirds of the total value of mineral production.

Service suppliers

Canadian cities provide regional bases for supporting exploration, mining and allied industries through specialized equipment and service suppliers. Large urban areas, such as Toronto and Vancouver, are also recognized as global hubs for mining and mineral exploration, financing and legal services.

Thousands of firms in Canada are available to provide technical, legal, financial, accounting, environmental and other expertise to the exploration and mining industry.

Transportation plays a key enabling role for the minerals sector, not only in delivering mineral products to markets, but also in bringing equipment and supplies to mining operations. The transportation industries – such as rail – benefit from a vibrant mining sector because mining accounts for over half of Canada's rail-freight tonnage annually.

Learn more about Canadian mineral production.

Consult Canada’s Minerals and Mining Map for locations and information on Canada’s major metallic, non-metallic and industrial mineral mines.

Mineral exploration

Mineral exploration is the search for materials in the Earth's crust where concentration and quantity allow for extraction and processing at a profit.

The amount spent on mineral exploration and on deposit appraisal activity depends largely on market conditions and commodity prices. Over the last decade, mineral and metal prices fluctuated significantly, with a notable decline from 2014 to 2016 as global supply outpaced demand, driven by slowing economic growth in key emerging markets such as China. This decline led to reduced spending on exploration and appraisal activities during this period.

Prices began to recover in the latter part of 2016, a trend that continued into the second half of 2019, but shifted for most metals in early 2020 because of the economic lockdowns implemented in response to the COVID-19 pandemic. Metal prices recovered late in 2020 as supply diminished and demand recovered. In 2021 and in the first half of 2022, the pace at which prices rose intensified because of growing inflationary pressures and the Russia-Ukraine conflict. Since then, prices have generally declined.

Mineral exploration by commodity

Canada benefits from a diversified mineral endowment that includes traditional commodities, such as gold, base metals and diamonds, as well as critical minerals essential for clean energy applications and advanced technologies, such as rare earth elements, graphite and lithium.

In 2023, exploration spending was highest for critical minerals, reaching $2.1 billion—a 16% increase from 2022—and accounting for 49% of total expenditures. Precious metals, particularly gold, followed closely, representing 48% of total spending at $2.0 billion. However, spending on precious metals was down by 20% compared to 2022.

Mineral exploration by province and territory

In 2023, Ontario was the leading jurisdiction in terms of mineral exploration spending, followed by Quebec and British Columbia. These three jurisdictions accounted for 64% of total exploration and deposit appraisal expenditures.

Mineral exploration by company type

Two types of companies work in mineral exploration:

• Senior companies normally derive recurring operating revenues from mining or other business segments. These are not necessarily mining companies.
• Junior companies have no internally generated revenue (i.e. they do not have an operating mine) and rely mostly on equity markets to raise the capital necessary to conduct their exploration programs.

Junior mining companies tend to specialize in early-stage exploration activities, while senior companies are more likely to bring mines into production.

Junior companies play a critical role in the discovery and advancement of mineral projects in Canada, projects that represent the next generation of Canadian mines. In 2023, junior mining companies spent $2.1 billion on exploration and deposit appraisal activities, down 14% from 2021. Senior company expenditures increased by 7% over 2022 to reach $2.1 billion.

Learn more about Canadian mineral exploration.

Canadian mining assets

Canadian exploration and mining companies are active across the globe. The extent of their presence can be determined by examining the value and location of Canadian mining assets.

In 2023, the total value of Canadian mining assets increased by 6.9% from the previous year, with the portion located in Canada increasing by 10.7%. Outside of Canada, the value of Canadian mining assets increased by 5%.

Canada's presence abroad

In 2023, 70.4% of the value of Canadian mining assets abroad were in the Americas, where the value of assets increased by 6.2% from the previous year. Assets worth a total of $220.4 billion were located in 95 foreign countries in 2023. The top 10 countries are presented in the following table.

Learn more about the global presence of Canadian mining companies.

Indigenous partnerships and participation

NRCan’s Lands and Minerals sector is committed to promoting Indigenous partnerships and participation in mineral exploration and mining activities by sharing information to support informed decision-making and encouraging community capacity building.

Indigenous representation in the minerals sector has increased in the last decade, especially in the mining industry.

Learn more about our tools and information products on Indigenous participation in exploration and mining.

Indigenous employment

Based on the 2021 census, over 17,300 Indigenous people were employed in Canada’s mining and mineral processing industries. About half of the Indigenous employment was in the upstream mining subsector, where Indigenous Peoples accounted for 11% of the industry’s labour force, more than double the all-industry average representation of 4%.

Agreements between companies and Indigenous peoples

Agreements between mineral exploration and mining companies and Indigenous communities or governments have enabled secure benefits for many Indigenous communities and businesses and improved certainty for exploration and mining companies. Fostering the relationship between industry and Indigenous businesses builds the capacity for Indigenous businesses to capitalize on economic opportunities available in or near their communities. It also allows industry to create reliable, local supply chains and the social licence to operate in a community.

Learn more about Indigenous Peoples and Natural Resources.

Nominal GDP in the minerals sector

In 2023, the direct contribution of Canada’s minerals and metals sector to Canada’s gross domestic product (GDP) was $117 billion, which represented 4% of Canada’s total GDP. The indirect contribution from the minerals and metals sector added a further $42 billion to the GDP, for a total of $159 billion.

Employment in Canada's minerals sector

The minerals sector offers well-paid, high-quality jobs for Canadians across the country, including many in northern and remote locations.

In 2023, the minerals and metals sector directly employed 430,000 individuals and indirectly employed an additional 281,000, for a total of 711,000 individuals.

At $144,630, the average annual total compensation per job in the mining industry is almost twice the all-industry average of $76,208.

• Employment by subsector, by product group, and by year
• Employment by industry and by year
• Compensation per job by industry and by year

Learn more about the employment in the minerals sector.

Financing

The Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) are the world’s primary listing venues for mining and mineral exploration companies, with more than 1,119 issuers in 2023, accounting for about 40% of global listings.

In 2023, about 40% ($7.7 billion) of the world’s total equity capital for these activities was raised by companies listed on the TSX or TSXV. This amount also accounted for 51% of the number of mining equity financings for mineral exploration and mining globally. Canada is ranked first in the world in equity financing raised for mining and mineral exploration.

Government revenues

In 2023, the mining and related support activities (mining and quarrying and support activities for mining) paid $8.0 billion in corporate income taxes and royalties. Mining taxes and royalties account for 58% of that amount, while the remainder is paid in the form of corporate income taxes to the federal, provincial and territorial governments.

Read more on taxes relevant to the minerals and metals industries.

Trade

In 2023, Canada’s mineral imports and exports, which include ores, concentrates, and semi- and final-fabricated mineral products, recorded a balance of trade of over $32.9 billion.

Exports

Valued at $150.7 billion in 2023, domestic mineral exports accounted for 21% of Canada’s total merchandise exports.

Learn more about Canada's mineral imports and exports.

Minerals sector investment

In 2023, the minerals sector invested $22.9 billion in new capital construction and in machinery and equipment, accounting for 7% of the Canadian total.

Learn more about capital investment by Canada's minerals sector.

Major natural resource projects

In 2023, current and potential investment in major mining-related projects (e.g., mine construction, redevelopment, expansion and processing facilities) over the next 10 years was estimated at $93.6 billion in capital expenditures, spread over 129 projects, compared with $88.3 billion and 124 projects in 2022.

Learn more about major natural resource projects that are planned and under construction over the next 10 years.