A brand new report from the Ontario Mining Affiliation reveals that the province’s mineral exports reached C$64 billion in 2023, accounting for greater than 25 % of Ontario’s complete items exports.
Of that quantity, C$42 billion value of minerals have been shipped to the US, together with C$5.7 billion in vital minerals akin to platinum-group metals, nickel, copper, uranium and zinc.
Greater than half — or 57 % — of Ontario’s vital mineral exports have been destined for the US.
The State of the Ontario Mining Sector report highlights the business’s profound affect on the provincial financial system.
Ontario stays Canada’s prime gold producer, house to 18 working gold mines that yielded roughly 2.9 million troy ounces of gold in 2023, valued at C$6.5 billion. The province additionally boasts 9 lively vital mineral mines and 10 processing services, feeding industries akin to aerospace, protection and electrical automobile manufacturing.
The report underscores mining’s financial contributions, together with a C$23.8 billion injection into Ontario’s GDP in 2023 — almost 3 % of the province’s complete GDP. Mining investments reached C$5.2 billion in capital expenditures, immediately using 22,000 staff with a median wage of C$150,000 — virtually double the provincial common.
The business additionally helps 126,000 oblique jobs, and 12 % of its workforce identifies as Indigenous, considerably larger than the three % Indigenous participation throughout Ontario’s total workforce.
“Ontario’s mining sector is a cornerstone of our technology-driven financial system, delivering well-paying jobs, producing important inputs to North America’s manufacturing provide chain, and performs a significant position in our continental safety,” mentioned Ontario Mining Affiliation President Priya Tandon in a Tuesday (March 4) press launch.
Ontario’s mineral manufacturing reached C$15.7 billion in 2023, a 50 % enhance over the previous decade. Between 2019 and 2024, 4 new mines opened in Northern Ontario, with six new tasks and 4 expansions underway.
Ontario stays a world chief in mining finance, with the TSX and TSXV itemizing 40 % of the world’s publicly traded mining firms, valued at C$603 billion by the tip of 2024 — greater than triple their market worth in 2015.
Nonetheless, exploration spending — key to making sure long-term commodities provide — was C$976 million in 2023, representing 23 % of Canada’s complete, however highlighting the necessity for continued funding.
The sector additionally faces labor shortages, with 21 % of its workforce over the age of 55 and declining enrollment in mining-related instructional packages. The Ontario Mining Affiliation’s “That is Mine Life” marketing campaign, funded partially by the provincial and federal governments, is working to draw younger individuals and newcomers to Canada to mining careers.
Ontario’s push to speed up mining growth
Ontario Premier Doug Ford used his speech on the Prospectors & Builders Affiliation of Canada (PDAC) conference to reaffirm his dedication to quick monitoring mineral extraction tasks.
Specifically, he highlighted the Ring of Hearth, a area identified for its huge nickel, copper and chromite deposits.
On the occasion, Ford reiterated his pledge to streamline useful resource growth approvals and create particular zones the place vital minerals tasks can transfer ahead with expedited timelines.
“Collectively, we have to construct probably the most aggressive financial system within the G7 to take a position, create jobs, and do enterprise,” Ford advised attendees, warning that Ontario have to be ready for “something and the whole lot” in response to US tariffs.
As a part of his efforts to strengthen Indigenous participation, Ford reiterated his dedication to including C$70 million to the Aboriginal Participation Fund and to relaunching the Aboriginal Mortgage Assure Program as a C$3 billion First Nations Alternatives Financing Program. Nonetheless, Indigenous leaders have raised considerations in regards to the velocity of growth within the mining business and potential infringement on treaty rights.
Ford, when requested whether or not his push for quick monitoring mining growth means bypassing environmental assessments, responded, “We’re going to sit down down with (First Nations leaders) and have a terrific dialog.”
Total, the Ford authorities has dedicated C$500 million to a vital minerals processing fund, aiming to draw buyers and set up Ontario as a hub for refining supplies like nickel, copper and lithium. The initiative aligns with broader western efforts to counter China’s dominance within the world provide of refined metals.
“We have now the vital minerals the world wants, and we have now the workforce to get them out of the bottom,” Ford acknowledged in the identical PDAC handle. “However we don’t need to see these minerals ripped and shipped abroad or south of the border. We would like Ontario’s vital minerals to be processed and refined proper right here by Ontario staff.”
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
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