Today, Canada is known as a mining powerhouse on a global scale. The country’s minerals industry is thriving, generating jobs and economic activity in every region. Read on to discover more about mineral resources, the mineral industry, and how these could affect the world’s economy.
The Effect of Minerals on the Economy
Canada is well-positioned to capitalize on rising global demand for critical minerals and materials used in clean energy and advanced manufacturing. On a global scale, Canada is a significant producer of copper, nickel, cobalt, and rare earth elements, as well as lithium, graphite, and vanadium. Canada intends to achieve its goals by leveraging its environmental, social, and governance credentials, as well as its mining expertise. The aim is to build competitive supply chains for critical minerals and high-value-added products.
Lithium-ion batteries, permanent magnets, and specialty alloys are among the technologies available for zero-emission vehicles (including semiconductors).
CO2 emissions and “Green” Technologies
The long-term economic contribution of Canada’s minerals sector will be ensured by sustainable development.
Across a wide range of commodities, Canadian mines emit very little greenhouse gas emissions. Access to clean energy and significant investments in green technology research, development, and adoption underpin Canada’s carbon competitiveness. Emissions are being reduced at Canadian mines and processing plants by investing in new technologies and electrifying equipment and vehicle fleets. This includes mines that are not connected to the grid and have few other options for energy. In order to reduce their reliance on diesel, several of these remote locations have installed wind turbines.
The “Green Mining Initiative” of Natural Resources Canada (NRCan) aims to improve environmental performance while also developing opportunities for green technology. The National Research Council of Canada works closely with provincial and territorial governments, as well as the Canadian Mining Innovation Council.
Canada and Minerals, In Numbers
Canada ranks first in potash production and fifth in diamonds, gemstones, gold, indium, niobium, platinum group metals, titanium concentrate, and uranium production. The country is also the world’s fourth-largest producer of aluminum.
Canada has also produced 60 minerals and metals from nearly 200 mines and 6,500 quarries. In 2020, mineral production was expected to reach $43.8 billion while the country’s gold production was valued at $12.3 billion.
Commodity Breakdown of Mineral Production
The value of Canadian mineral production in 2020 was $43.9 billion, down 8.1 percent from $47.7 billion in 2019. Metals production decreased by 1.4% year on year, while nonmetals and coal production decreased by 13.4% and 29.6%, respectively.
These were Canada’s top five value-added mineral products in 2020. They were worth a total of $29.5 billion, accounting for roughly two-thirds of total mineral production.
Mineral Production by Province and Territory
Minerals can be found in all provinces and territories. In 2020, Quebec, Ontario, British Columbia, and Saskatchewan will account for more than three-quarters of total Canadian mineral production.
The Mineral Suppliers
Suppliers of specialized equipment and services support the exploration, mining, and related industries in Canadian cities. Toronto and Vancouver are well-known throughout the world for their mining and mineral exploration industries, as well as their financial and legal services.
Transportation not only aids in the delivery of minerals to markets, but it also aids in the delivery of equipment and supplies to mines. Mining contributes more than half of Canada’s annual rail freight tonnage, which benefits the transportation industry.
Nowadays, it’s important to be more aware of environmental efforts while leading more sustainable lives. But beyond our personal choices, it also pays to uncover larger truths that could affect the environment and the world around us. This is why it’s critical to learn more about how one thing affects the other, such as mineral resources and the economy.
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