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Economic Viewpoint

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

March 26, 2024
Marc-Antoine Dumont
Senior Economist

In this first in a series of Economic Viewpoints on critical minerals in Canada, we explore the features and future of the Quebec mining industry. With an established foothold in the aluminum and iron ore sectors and 34 active mines extracting everything from copper and lithium to gold, La Belle Province is among the top producers of metals and minerals in Canada. It boasts a wealth of rich mineral reserves and relatively cheap electricity. And its critical minerals strategy and battery initiative are poised to make the province a key global producer of green technologies and critical minerals. However, many obstacles stand in the way of new mines, refining facilities and battery plants. Chief among these are a lack of electricity production and other infrastructure and a tight labour market. High interest rates and insufficient foreign capital compound the costs of these already complex projects. That said, important strides are being made in exploration investment, and plans are in the works to build new power plants. Overcoming these challenges could fuel economic growth and job creation for years to come.

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.