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Showcasing the Strength of Canadian Gold Mining

Canadian gold mining has grown to become a highly prolific industry, thanks to its geological riches and political stability.
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This article was originally published by Visual Capitalist

The following content is sponsored by Clarity Gold.

Showcasing the Strength of Canadian Gold Mining

Gold mining has long played an integral role in shaping Canada’s cities and its modern day economy. The gold mining infrastructure that was built alongside the country’s towns in the 19th century has grown to provide $21.6 billion worth of exports for Canada in 2020.

When combined with the country’s superb geology, Canada’s jurisdictional strengths make it one of the most prolific and secure locations in the world for mining companies to explore, develop, and produce gold.

This infographic sponsored by Clarity Gold dives into how Canada has grown into a nation built for gold mining. Both in how the country facilitates the production of gold, and how the gold mining industry supports Canada’s economy and local communities.

Canada’s Golden Geology and Production

Gold is scattered across the Canadian landscape in a variety of gold mining regions and districts, with the most prolific located between Ontario and Québec.

The 2 billion year-old Archean greenstone belt that arcs through the centre of the Canadian shield provides the foundation for the Abitibi gold belt, which has produced more than 190Moz of gold.

Gold Mining District/Region Provinces/Territories Gold Produced (million troy ounces)
Abitibi Greenstone Belt Ontario and Québec >190Moz
Trans-Hudson Corridor Saskatchewan and Manitoba >40Moz
Red Lake Ontario >30Moz
Golden Triangle British Columbia >5Moz

Source: Resource World

The Trans-Hudson corridor in Saskatchewan and Manitoba has produced more than 40Moz of gold, while the Red Lake mining district of eastern Ontario and the Golden Triangle in British Columbia have delivered >30Moz and >5Moz respectively.

Last year, Canada’s top 10 mines produced 3.26 million ounces of gold combined, equating to more than $6 billion worth of the yellow precious metal.

Mine Province/Territory Primary Owner/Operator 2020 Gold Production (thousand troy ounces)
Canadian Malartic Québec Yamana/Agnico Eagle 569Koz
Detour Lake Ontario Kirkland Lake 517Koz
LaRonde (incl. LZ5) Québec Agnico Eagle 350Koz
Brucejack British Columbia Pretium 348Koz
Porcupine Ontario Newmont 319Koz
Meliadine Nunavut Agnico Eagle 312Koz
Rainy River Ontario New Gold 229Koz
Hemlo Ontario Barrick Gold 223Koz
Meadowbank Nunavut Agnico Eagle 209Koz
Macassa Ontario Kirkland Lake 183Koz

Source: Kitco

Ontario and Québec are the powerhouse provinces of Canadian gold production, hosting 30 mines between the two provinces.

A Nation Built for Gold Mining

Canada’s politically secure nature and established permitting process has resulted in five of the 10 largest gold mining companies having projects in Canada. Three Canadian provinces (Saskatchewan, Québec, and Newfoundland & Labrador) are among the world’s 10 most attractive mining investment jurisdictions according to the Fraser Institute’s 2020 survey of mining companies.

Beyond the legal and permitting strengths of the nation, Canada’s extensive network of capital markets has enabled the Canadian companies to dominate the world’s gold mining industry. With Agnico Eagle and Kirkland Lake’s upcoming merger, three of the world’s top five gold mining companies will be headquartered in Canada.

The Canadian equity markets are a key driver of the world’s gold exploration and development funding, with the TSX having raised $7.5 billion in mining equity capital in 2020. Gold still remains the major driver of these money flows, with gold mining companies making up more than half of Canada’s mining exploration budget.

How Gold Mining Gives Back to Canada

Ever since the first discoveries of gold across Canada in the 1800s, the development and production of gold mines has been the foundation for many towns and merchants across the nation.

Today, Canada’s mining industry directly employs more than 392,000 Canadians, with the sector offering the highest average annual industrial rate of pay in the country at $123,000. The industry is also proportionally the largest private sector employer of Indigenous peoples in Canada.

From the nation’s prolific gold deposits to its network of funding through robust public markets for mining equities, gold mining has grown into one of Canada’s most important strengths. The discovery, development, and production of the precious metal will remain an essential pillar of Canada’s economy.

The post Showcasing the Strength of Canadian Gold Mining appeared first on Visual Capitalist.


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