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Economic Viewpoint

Securing Canada’s Position as a Critical Minerals Superpower: The Ontario Mining Industry

April 22, 2024
Marc-Antoine Dumont, Senior Economist • Marc Desormeaux, Principal Economist
Randall Bartlett, Senior Director of Canadian Economics

  • In this second in a series of Economic Viewpoints on critical minerals in Canada, we explore the achievements and future of the Ontario mining industry.
  • While its production is currently concentrated in copper, nickel, gold, and platinum group metals, Ontario holds a variety of economically viable mineral deposits.
  • Some of the most promising are in the Ring of Fire in northern Ontario, and exploration of that region has already started.
  • Although the province can capitalize on its diversified economy to develop a complete supply chain from mine to consumer, it still needs to address its lack of infrastructure in rural and remote regions. At a time when construction workers are a rare commodity and interest rates remain high, this endeavour could prove to be more difficult than expected.
  • That said, the Toronto Stock Exchange is not only the financial capital of Canada, but also a hub of the global mining industry, with 40% of the world’s mining companies listed on the exchange. For Ontario’s mining industry, this means companies can tap into an almost endless well of domestic and foreign capital.
  • Extracting and refining Ontario’s minerals could create significant wealth for the province, but it comes with environmental risks. Only by analyzing and effectively managing these risks can the province take full advantage of the immense opportunity presented by its mining industry.
NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.