Canadian Mining Assets
Information Bulletin
(published in February 2023)
Canada is home to almost half of the world’s publicly listed mining and mineral exploration companiesFootnote 1. Many of these companies have operations in Canada and abroad.
Canadian mining assets (CMAs) dataFootnote 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 located abroad, 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 1,412 Canadian mining and exploration companies had CMAs valued at $285.8 billion in 2021, a 4.0% increase from $274.8 billion in 2020. Of these companies, 748 had CMAs located abroad worth $195.9 billion, which was up 3.3% from the 2020 value of $189.7 billion.
Canadian companies were present in 96 foreign countries in 2021, which was up from 94 in 2020. Mining assets abroad accounted for about two thirds of the total value of CMAs.
Significant fluctuations of exchange rates affect the value of CMAs held by companies that report their financial results in US dollars, which account for about 80% of total CMAs. However, the relative stability of the exchange rate between the US and Canadian dollar during the latest reporting periods of companies’ annual results translated to a very slight downward impact of 0.1% on the value of CMAs in 2021.
Canadian mining assets located abroad, by region
In 2021, CMAs increased in all regions except Asia. 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 2020 and 2021.
Figure 1: Geographic distribution of CMAs, 2021 (p)
(1,412 companies with $285.8 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 $100 million). For each region and for Canada, the United States and Mexico, the 2020 and 2021 CMAs values are listed along with the number of Canadian-based companies with assets in that region or country. Refer to Table 1 for the specific values in each region.
Source: Natural Resources Canada.
(p) preliminary, M million, B billion.
Note: Asset totals may be different because of rounding.
Company totals may be different because companies can be active in multiple jurisdictions.
| Region | 2020 | 2021 (p) | Change | Change |
|---|---|---|---|---|
| ($ billions) | (%) | |||
| Africa | 36.3 | 37.1 | 0.8 | 2.1 |
| Americas (except Canada) | 126.5 | 133.1 | 6.6 | 5.2 |
| Asia | 12.3 | 11.1 | -1.3 | -10.2 |
| Europe | 9.2 | 9.2 | 0.0 | 0.1 |
| Oceania | 5.4 | 5.5 | 0.1 | 2.4 |
| Total for CMAs abroad | 189.7 | 195.9 | 6.2 | 3.3 |
| Canada | 85.1 | 89.9 | 4.8 | 5.7 |
| Total for CMAs | 274.8 | 285.8 | 11.0 | 4.0 |
Source: Natural Resources Canada.
(p) preliminary.
Note: Totals may be different because of rounding.
Africa had the second-highest value of CMAs and that value increased slightly by 2.1% to $37.1 billion in 2021. The largest decreases in CMAs values by country were registered in Burkina Faso (-$0.6 billion) and Senegal (-$0.7 billion), while the largest increase was in Côte d’Ivoire (+$0.9 billion). Noteworthy events contributing to these changes included:
- Burkina Faso: Teranga Gold was acquired by Endeavour Mining, which is based in the United Kingdom (U.K.). As a result, the value of the assets of Teranga Gold, including its Wahgnion gold mine in Burkina Faso, is no longer counted in CMAs.
- Côte d’Ivoire: Fortuna Silver acquired Roxgold and its Séguéla gold mine, which is under construction.
- Senegal: Teranga Gold and its Sabodala gold mine were acquired by U.K.-based Endeavour Mining.
The majority of CMAs abroad (68%) were located in the Western Hemisphere (the Americas except Canada), where the value of assets increased by 5.2% to $133.1 billion in 2021. A large portion of the value was situated in the regions of Latin America and the Caribbean, which accounted for 46.8% of CMAs abroad with a value of $91.7 billion in 2021, up 6.0% from the previous year. Notable increases occurred in Chile (+$3.7 billion), Mexico (+$0.6 billion) and the Dominican Republic (+$0.5 billion). Contributing factors included:
- Chile: Teck Resources and its partners continued to develop the large Quebrada Blanca Phase 2 copper mine, which was 77% complete at the end of 2021 and anticipated to start production in the second half of 2022.
- Mexico: Orla Mining developed the Camino Rojo gold and silver project in the state of Zacatecas and achieved first gold pour on December 13, 2021. SilverCrest Metals began construction of the Las Chispas silver project early in 2021 and achieved first pour in July 2022. MAG Silver and its partner are developing the Juanicipio silver project, which incurred plant commissioning delays in 2021 due to COVID-19.
The United States remained the top country by value for CMAs abroad in 2021, accounting for 21.1% of the total. The cumulative value of CMAs in the United States was $41.4 billion in 2021, which is 3.5% higher compared to the 2020 cumulative value. Increases in the value of CMAs occurred for many of the 300 Canadian companies that are present in the United States. This includes a notable increase in the value of CMAs for the First Majestic company subsequent to its purchase of the Jerritt Canyon gold mine in Nevada.
The value of CMAs located in Asia declined by 10.2% to $11.1 billion in 2021. The decline was largely attributable to the seizure and loss of control of Centerra Gold’s Kumtor gold mine in Kyrgyzstan.
In Europe, the value of CMAs remained stable at $9.2 billion in 2021. However, a decline is anticipated for 2022 with the sale of Kinross Gold’s Kupol gold mine in Russia following the invasion of Ukraine by Russia.
CMAs located in Oceania increased by 2.4% to $5.5 billion in 2021. The value of CMAs is concentrated in Australia, where 57 companies had CMAs that collectively accounted for 85% of the value in the region in 2021.
Canadian mining assets located abroad, by country
Almost three quarters (74.0%) of the total value of CMAs abroad were located in the top 10 countries. Country rankings remained unchanged between 2020 and 2021, apart from Mexico that moved up to sixth place and Zambia that moved down to the seventh spot. Figure 2 shows the 2021 distribution of CMAs abroad for the top 10 countries.
Figure 2: Percentage of CMAs abroad, by country, 2021 (p)
.png)
Text version
This pie chart shows the 10 leading countries with CMAs abroad in 2021. The top country is the United States (21.1%), followed by Chile (12.7%), Panama (7.7%), Brazil (5.6%), Peru (5.1%), Mexico (5.0%), Zambia (4.8%), Argentina (4.4%), Mali (3.9%) and the Democratic Republic of the Congo (3.6%).
Source: Natural Resources Canada.
(p) preliminary.
Canadian mining assets, by company type
In 2021, the overall value of CMAs held by junior companiesFootnote 3 surged by 24.4% to $18.4 billion. The number of junior companies also increased from 1,226 to 1,244. 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 (54.6%), followed by the Americas (except Canada) (35.1%). 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 (88.1%), but a much lower share of the total value of CMAs (6.4%) in 2021. Senior companies accounted for a much larger share of the value of CMAs (93.6%) because of the high values associated with the mines they own and operate.
Figure 3: CMAs of junior companies, by region, 2020 and 2021 (p)
.png)
Text version
This column chart shows the geographic distribution of CMAs of junior companies in 2020 and 2021. CMAs increased to $10.1 billion in Canada, $6.5 billion in the Americas (except Canada), $0.8 billion in Oceania, $0.4 billion in Africa, $0.4 billion in Europe and $0.3 billion in Asia.
Source: Natural Resources Canada.
(p) preliminary.
In 2021, the total value of CMAs held by senior companiesFootnote 3 increased by 2.9% to $267.4 billion. About two thirds of the total value of CMAs were concentrated in the top 10 senior companies, with a cumulative CMAs value of $186.9 billion.
Relative to junior companies, senior companies held a smaller proportion of CMAs values in Canada (29.9%) and a higher proportion in the rest of the Americas (47.4%). 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, 2020 and 2021 (p)
.png)
Text version
This column chart shows the geographic distribution of CMAs of senior companies in 2020 and 2021. In the Americas (except Canada), they were valued at approximately $127 billion in 2021, 4.5% higher than in 2020. In Canada, they were worth about $80 billion in 2021 and $77 billion in 2020. The value of CMAs in Africa, Europe and Oceania was $36 billion, $9 billion and $5 billion in 2021, respectively, which was stable compared to 2020 values. In Asia, CMAs declined to $11 billion in 2021 from $12 billion in 2020.
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 expensesFootnote 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.
| 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, 2020 and 2021 (p)
Note
All amounts are in Canadian dollars.
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