Canadian Mining Assets

Information Bulletin
(published in January 2025)

Canada is home to about half of the world’s publicly listed mining and mineral exploration companies^{Footnote 1}. Many of these companies have operations in Canada and abroad.

Canadian mining assets (CMAs) data^{Footnote 2} reveal important insight into the breadth and depth of the global presence of Canadian mining and mineral exploration companies.

Find out more about CMAs:

• Overview
• Canadian mining assets, by region
• Canadian mining assets located abroad, by country
• Canadian mining assets, by company type
• Annual variations
• Use of statistics on Canadian mining assets located abroad

Overview

A total of 1,396 Canadian mining and exploration companies had CMAs valued at $336.7 billion in 2023, a 6.9% increase from $315.0 billion in 2022. Of these companies, 761 had CMAs located abroad worth $220.4 billion, which was up 5.0% from the 2022 value of $209.8 billion.

In 2023, Canadian companies were present in 95 foreign countries and mining assets abroad accounted for about two thirds of the total value of CMAs.

Significant fluctuations in exchange rates affect the value of CMAs held by companies that report their financial results in US dollars, which account for about 80% of the total value of CMAs. The relatively stable value of the Canadian dollar between reporting periods had a marginal impact on the value of CMAs; it declined by 1%.

Canadian mining assets, by region

In 2023, CMAs increased in all regions except Asia and Oceania. Figure 1 provides a detailed geographic breakdown of mining asset values and Table 1 displays the value and percentage variation of CMAs by region between 2022 and 2023.

Figure 1: Geographic distribution of CMAs, 2023 (p)

(1,396 companies with $336.7 billion in mining and mineral exploration assets)

Text version

In this world map, countries are colour-coded according to a range of values for CMAs (for example, countries in brown have CMAs in the range of $10 million to $100 million). For each region and for Canada, the United States and Mexico, the 2022 and 2023 CMAs values are listed along with the number of Canadian-based companies with assets in that region or country. Refer to Table 1 for the specific values in each region.

Source: Natural Resources Canada.
(p) preliminary, M million, B billion.
Note: Asset totals may be different because of rounding.
Company totals may be different because companies can be active in multiple jurisdictions.

Table 1: CMAs, by region, 2022 and 2023 (p)

Region	2022	2023 (p)	Change	Change
	($ billions)			(%)
Africa	37.7	39.1	1.5	3.9
Americas (except Canada)	149.0	158.3	9.3	6.2
Asia	9.0	8.8	-0.2	-2.3
Europe	8.1	8.4	0.2	3.1
Oceania	6.1	5.8	-0.3	-4.4
Total for CMAs abroad	209.9	220.4	10.5	5.0
Canada	105.1	116.3	11.2	10.7
Total for CMAs	315.0	336.7	21.7	6.9

Source: Natural Resources Canada.
(p) preliminary.
Note: Totals may be different because of rounding.

Africa was the region with the second-highest value of CMAs and that value increased by 3.9% to $39.1 billion in 2023. Several countries incurred notable increases in CMAs, including Botswana (+$124.9 million), Côte d’Ivoire (+$233.9 million), Morocco (by almost $200 million) and South Africa (+$322.2 million). Noteworthy events contributing to these changes included:

• Botswana: Lucara Diamond continued to advance the underground project at its Karowe diamond mine, which should commence production in 2028.
• Côte d’Ivoire: Fortuna Silver Mines completed construction of its Séguéla gold mine in mid-2023.
• Morocco: Aya Gold & Silver continued to expand its Zgounder silver mine.
• South Africa: Ivanhoe Mines continued to develop the Platreef platinum project.

The majority of CMAs abroad (70.4%) were located in the Western Hemisphere (the Americas except Canada), where the value of assets increased by 6.2% to $158.3 billion in 2023. A large portion of the value was situated in the regions of Latin America and the Caribbean, which accounted for half of CMAs abroad with a value of $113.0 billion in 2023, up 7.8% from the previous year. Notable increases occurred in Brazil (+$3.5 billion), Chile (+$4.4 billion) and Mexico (+$0.7 billion), while a decline occurred in Argentina (-$0.7 billion). Contributing factors included:

• Argentina: Pan American Silver sold the MARA development project to Glencore (Switzerland).
• Brazil:
  • Pan American Silver acquired Yamana Gold, another Canadian company, and as such, also acquired the Jacobina gold mine.
  • Ero Copper made notable investments at its Caraíba copper operations and continued to develop the Tucumã copper mine.
  • G Mining Ventures continued to develop the Tocantinzinho gold project.
• Chile:
  • Teck Resources and its partners continued to develop the large Quebrada Blanca Phase 2 copper mine and achieved first copper production in 2023.
  • Lundin Mining acquired a majority interest in the Caserones copper mine from JX Nippon Mining & Metals (Japan).

The United States remained the top country by value for CMAs abroad in 2023, accounting for 20.6% of the total. The cumulative value of CMAs in the United States was $45.4 billion in 2023, which was 2.5% higher compared to the 2022 cumulative value. Increases in the value of CMAs occurred for many of the more than 300 Canadian companies that are present in the United States, including Lithium Americas, which is developing the Thacker Pass lithium mine in Nevada.

The value of CMAs located in Asia was $8.8 billion in 2023, down 2.3% from the revised CMA value of $9.0 billion in 2022.

In Europe, the value of CMAs increased by 3.1% to $8.4 billion in 2023. Almost two thirds of the CMAs in Europe are concentrated in Greece and Finland. Eldorado Gold holds significant mining assets in Greece, including the Olympias gold mine and the Skouries gold-copper project, which is anticipated to start production in 2025. In Finland, Agnico-Eagle owns the Kittilä gold mine, which is Europe’s largest primary gold producer.

CMAs located in Oceania decreased by 4.4% to $5.8 billion in 2023. The value of CMAs is concentrated in Australia, where 59 companies had CMAs that collectively accounted for 71% of the value in the region in 2023.

The value of CMAs in Canada experienced a significant 10.7% increase to $116.3 billion in 2023. Notable contributions to the increase included the acquisition by Agnico Eagle Mines of Yamana Gold, and as such, of 50% interest in the Canadian Malartic gold mine, one of the largest gold mines in Canada. Agnico Eagle already owned the other 50%. The acquisition of Sabina Gold & Silver and its flagship Goose gold project in Nunavut by B2Gold also contributed to the gains.

Canadian mining assets located abroad, by country

Over three quarters (77.5%) of the total value of CMAs abroad was located in the top 10 countries. Country rankings remained unchanged between 2022 and 2023, apart from Panama and Brazil switching spots and Argentina falling to last place. Figure 2 shows the 2023 distribution of CMAs abroad for the top 10 countries.

Figure 2: Percentage of CMAs abroad, by country, 2023 (p)

Text version

This pie chart shows the 10 leading countries with CMAs abroad in 2022. The top country is the United States (20.6%), followed by Chile (18.3%), Brazil (7.2%), Panama (7.0%), Mexico (5.1%), Peru (4.9%), Zambia (4.6%), the Democratic Republic of the Congo (3.5%), the Dominican Republic (3.3%) and Argentina (3.1%).

Source: Natural Resources Canada.
(p) preliminary.

Canadian mining assets, by company type

In 2023, the overall value of CMAs held by junior companies^{Footnote 3} increased by 17.8% to $21.9 billion. The number of junior companies slightly decreased from 1,279 to 1,234. The increase in the value of CMAs held by junior companies was due to a few companies advancing projects towards production and favourable financing conditions brought on by high mineral and metal prices.

The largest share of assets held by junior companies was located in Canada (54.0%), followed by the Americas (except Canada) (36.3%). Figure 3 provides an overview of the total value of CMAs held by junior companies, by region.

Junior companies accounted for a large share of the total number of companies (88.4%), but a much lower share of the total value of CMAs (6.5%) in 2023. Senior companies accounted for a much larger share of the value of CMAs (93.5%) because of the high values associated with the mines they own and operate.

Figure 3: CMAs of junior companies, by region, 2022 and 2023 (p)

Text version

This column chart shows the geographic distribution of CMAs of junior companies in 2022 and 2023. In Canada, they were valued at approximately $12 billion in 2023 and $10 billion in 2022. In the Americas (except Canada), they were worth $8 billion in 2023 and $6 billion in 2022. In Africa, they were worth $621 million in 2023 and $562 million in 2022. In Asia, they were worth $443 million in 2023 and $477 million in 2022. In Oceania, they were worth $525 million in 2023 and $448 million in 2022. In Europe, they were worth $523 million in 2023 and $410 million in 2022.

Source: Natural Resources Canada.
(p) preliminary.

In 2023, the total value of CMAs held by senior companies^{Footnote 3} increased by 6.2% to $314.8 billion. Over two thirds of the total value of CMAs were concentrated in the top 10 senior companies, with a cumulative CMAs value of $230.1 billion.

Relative to junior companies, senior companies held a smaller proportion of CMAs values in Canada (33.2%) and a higher proportion in the rest of the Americas (47.7%). Figure 4 provides an overview of the total value of CMAs held by senior companies, by region.

Figure 4: CMAs of senior companies, by region, 2022 and 2023 (p)

Text version

This column chart shows the geographic distribution of CMAs of senior companies in 2022 and 2023. In the Americas (except Canada), they were valued at approximately $150.3 billion in 2023 and $142.6 billion in 2022. In Canada, they were worth $104.5 billion in 2023 and $94.8 billion in 2022. In Africa, they were worth $38.5 billion in 2023 and $37.1 billion in 2022. In Asia, they were worth $8.3 billion in 2023 and $8.5 billion in 2022. In Europe, they were worth $7.8 billion in 2023 and $7.7 billion in 2022. In Oceania, they were worth $5 billion in 2023 and $6 billion in 2022.

Source: Natural Resources Canada.
(p) preliminary.

Annual variations

Variations of the value of CMAs can be caused by numerous factors and events. A significant portion of additions to the value of assets results from mergers, acquisitions and mine development. Reductions in the value of assets held by companies result mostly from sales, asset impairment expenses^{Footnote 4}, write-offs, depreciation, depletion and mine closures. Changes in exchange rates, accounting methods and relocation of company headquarters also contribute to annual variations.

Use of statistics on Canadian mining assets located abroad

Data on CMAs abroad provide a picture of the global presence of Canada’s mining and exploration companies and the scope of that presence in any given country. Some care is required when consulting the value of CMAs in a country. CMAs abroad, as tracked by Natural Resources Canada, differ from Canadian direct investment abroad (CDIA) figures estimated by Statistics Canada. CDIA is based on foreign direct investment as defined internationally, which is based on national systems of accounts. CMAs abroad are based on financial accounting standards applied by Canadian public companies and auditors. Table 2 outlines the principal differences between these approaches.

Table 2: CDIA compared to CMAs abroad

CDIA	CMAs abroad
Source of financing must be Canadian	Source of financing is immaterial
All assets and liabilities are examined	Only non-current mining asset values are examined
Based on first destination (investment destined for Mexico through a U.S. subsidiary is allocated to the United States)	Based on final destination (the transaction in the left column would be considered CMAs located abroad in Mexico)
Canadian company: incorporated in Canada with foreign affiliates	Canadian company: headquarters in Canada and not foreign controlled
Limited data by region for mining	CMAs abroad data by country

Source: Natural Resources Canada.

Annex 1: Canadian Mining Assets (CMAs), by country and Region, 2022 and 2023 (p)

Note

All amounts are in Canadian dollars.