In accordance with the report, the overall worth of mineral and metallic manufacturing has quadrupled since 2000. Canada is among the many prime producers of metals and non-metallic minerals on this planet. It’s the prime producer of potash, second largest producer of niobium and uranium, and third largest producer of treasured diamonds and palladium (by metallic content material).
In 2022, mining, quarrying and oil and gasoline extraction represented 7.8% of Canada’s gross home product (GDP). The sector made up a bigger portion of Canada’s economic system than finance, development, transportation or retail commerce, MAC mentioned.
Extraction, mining companies, major metallic/mineral manufacturing and downstream metallic/mineral manufacturing all noticed substantial will increase in contribution to Canada’s GDP in 2022, in keeping with the report.
Extraction contributed C$45 billion to GDP, a rise of 21% from 2021. Mining companies contributed C$10.1 billion to GDP, a rise of fifty% from 2021 whereas major metallic/mineral manufacturing contributed C$23 billion to GDP, a rise of 13% from 2021.
Downstream metallic/mineral manufacturing contributed C$30.4 billion to GDP, a rise of 23% from 2021. Canada produces greater than 60 minerals and metals by means of its mining actions.
“The rebound in mineral and metallic manufacturing is nice to see, after a prolonged interval of decrease commodity costs,” MAC CEO Pierre Gratton mentioned in a information launch.
“As Canada and its allies search to safe essential minerals and different mining merchandise for the longer term to handle nationwide safety and local weather change targets, these numbers additionally inform us about how a lot wealth can come to Canada if we construct out our mineral endowment,” Gratton mentioned.
The overall worth of Canadian mineral manufacturing in 2022 was C$74.6 billion, up from $58.6 billion in 2021. This progress was led by the rise in manufacturing values for nonmetals and coal.
“To offer the assets which are required to perform our transition to a low-carbon economic system, Canada should create an funding and regulatory atmosphere that works,” the report reads. “Over the previous few years, the mining sector has heard optimistic commitments from the federal authorities, together with the Canadian Important Minerals Technique, Fall Financial Statements, and the 2022, 2023, and 2024 Budgets.”
These measures, and the improved collaboration with allies within the European Union and US, are encouraging – however the true measure of success lies within the efficient and environment friendly implementation of insurance policies that may pace the supply of Canadian minerals and metals to the worldwide markets which are clamoring for them, MAC emphasised.
“The mining business is an engine of Canada’s economic system, however present demand for our pure assets presents us with alternatives on a scale we’ve by no means seen earlier than – environment friendly and efficient collaboration between authorities, business, and all communities of curiosity will make sure that our business continues to profit all Canadians,” mentioned Gratton.
The report proposes a number of suggestions that may improve the Canadian mining sector’s competitiveness, together with investments in mineral processing, exploration, infrastructure and workforce.
Learn the full report right here.
