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Canadian Miners Lead Capital Raisings As Commodities Boom

Mining companies have surpassed technology firms to lead capital raisings in Canada this year
as prices for commodities continue to boom.

Year to date,…

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This article was originally published by Baystreet

#mining companies have surpassed technology firms to lead capital raisings in #Canada this year

as prices for commodities continue to boom.

 

Year to date, mining companies listed in Canada have raised $3.1 billion, accounting for 25% of

the total capital raised on the Toronto Stock Exchange (TSX), compared to 18% in the same

period last year, according to market data.

 

However, the overall amount of capital raised this year has dropped by 54% as stock markets

around the world fall into a correction or bear market. In 2021, technology companies led the

way among equity raises with $13.8 billion, followed by mining at $10 billion, and financial

services at $6.9 billion.

 

A source of capital for Canada’s mining sector this year is coming from large global corporations

such BHP (BHP) and Rio Tinto (RIO), which are putting money into junior miners to further

exploration projects.

 

Earlier this month, Australia-based Rio Tinto agreed to pay $10 million for a 10% stake in British

Columbia-based Nano One Materials (NANO), which is engaged in the extraction of lithium. In

February, BHP bought a 5% stake in Vancouver-based copper-gold explorer Filo Mining (FIL)

for $100 million.

 

Junior miners are also getting a boost from the federal government’s plan, announced in this

year’s budget, to allocate $4 billion to the exploration and extraction of minerals. The raising of

capital is expected to bolster Canada’s market for minerals such as cobalt, lithium, nickel and

copper.

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