Canada is one of the world’s leading mining nations. The country is a major producer and exporter of several important commodities including gold, nickel, copper, zinc, lead, iron ore and, more recently, diamonds. Canada’s minerals industry (including smelting and refining) contributed 3.7% to Canada’s GDP. Neighbouring USA remains as Canada’s main trading partner for metal and mineral products, followed by the European Union and Japan.
Apart from gold, Canada’s base metal and metal stocks have fallen dramatically over the last 20 years. Gold reserves have more than trebled over the same period, currently estimated at 1 500t gold.
Elevated nickel prices have initiated intensive exploration efforts in and around the world class Sudbury nickel – copper deposits in Ontario. However, in order to develop new mineral deposits in this area, several important issues such as land title and use, and environmental issues need to be addressed. The anticipated development of the world class nickel copper cobalt deposit at Voisey’s Bay has been shelved by Inco.
Currently, most of Canada’s exploration is focused on diamonds, mainly in NWT, Alberta, Quebec and Saskatchewan. The 1990s discovery of diamonds at Lac de Gras in the North West Territories sparked a pegging rush, similar to that of the Klondike gold rush in the 1890’s. Consequently, over 400 kimberlites have been discovered and the continent’s first diamond mine opening in 1998. The second has begun mine construction.
