From 2022 to 2023, the global mining industry grew by 6.1% CAGR – from US$2022.6B to US$2145.15B and is expected to reach USD $2775.5B by 2027.
As demand grows, the mining industry is delivering faster and cleaner.
Over the last few years, a major change has happened in the mining industry – ESG has become front-and-centre as mining companies work to reduce their carbon footprint.
Energy transition has impacted demand for rare-earth and other metals. With the increase in production of EVs and renewable power generation facilities, demand for copper, nickel, cobalt, and lithium are projected to increase 6 fold, according to the International Energy Agency (IEA) .
The need for social licence means mining companies must gain the trust of their communities, partners, and stakeholders. Consideration for the land, the environment, and the people impacted by mining operations is now a key factor in the mining industry.
In an ever-changing world, price commodity fluctuations are fueling faster adoption of technology in mining corporations to ensure efficiency and lower costs of production.
Ontario has a thriving minerals sector that contributes $11.1B to the economy. The diverse geology, competitive business ecosystem, ample talent, and history of innovation make it the global leader in mining and exploration.
Ontario is the largest producer of gold, platinum elements, and nickel in Canada. It is also the second largest producer of copper. Ontario is one of the top 10 jurisdictions in the world for spending on mineral exploration.
The province has 41 active mines that support 29,000 direct jobs and 46,000 indirect jobs. Some of the world’s largest mining companies operate in Ontario, like Glencore PLC, KGHM International Ltd, and Newmont Corp.
value of mineral production
significant critical mineral mining project running
Safest mining jurisdiction in the world
invested in mineral exploration in 2021
of the world’s public mining companies globally are listed on either the TSX or TSXV
one of the highest proportions of indigenous workers
Nine are base metal (nickel, copper, zinc) mines
21 are gold mines
One is a platinum-palladium mine
One is an iron mine
Nine are major industrial mineral mines/quarries that produce salt, gypsum, calcium carbonate, nepheline syenite, talc and wollastonite.
|● platinum group elements
Ontario has its own incentives that encourage mining activities in the province: