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Engine for Growth
Canada is one of the largest mining nations in the world, operating in 100 countries in the world. There are more than 200 actives mines in Canada, producing more than 60 minerals and metals.
The total value of Canadian mineral exports was $84.5 billion in 2010, accounting for 21 percent of Canada’s total exports. Key exports included aluminum, nickel, copper, gold, silver, uranium, coal, potash, zinc, diamonds, iron, steel and iron ore. The mining and mineral processing industries made significant contributions to the Canadian economy that same year, including more than $12 billion in capital investment, $35.1 billion in GDP and $18 billion in trade surplus.
More than 320,000 Canadians are currently employed in the mining and mineral processing industries, creating employment opportunities from coast to coast to coast and in urban and rural areas, including many Aboriginal and northern communities.
According to the Metals Economics Group, over the past decade Canada has been the most preferred place in the world for mineral exploration.
Canada is also a world-leader in raising equity for mineral exploration and development. In fact, in 2010, almost 60 percent of the world’s equity financing for mineral exploration and mining was raised by companies listed on Canadian stock exchanges. Canadian-headquartered mining companies accounted for more than 40 percent of budgeted worldwide exploration expenditures. Exploration expenditures are expected to top $4.2 billion in 2012.
Investing in Canada’s Mining Industry
Canada continues to welcome foreign investment in minerals and metals industries. Since 2005, the value of direct foreign investment in Canada’s minerals industry has increased by over 200 percent.
Canada has one of the lowest tax rates on new business investment among the G-7. Strong incentives have been put in place to encourage investment, such as the Accelerated Capital Cost Allowance and the Canadian Exploration Expenses Tax Credit that allows for the reimbursement of most capital costs prior to the payment of taxes.
Director of Communications
Office of the Minister
Natural Resources Canada
Natural Resources Canada
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