Gold, Copper Drive Canadian Mining As Industry Pushes For Reforms

The Mining Association of Canada (MAC) released a comprehensive report evaluating the sector's role in the country's economy and providing an outlook.

The report, titled The Mining Story—Canadian Mining Industry Facts and Figures, sets the total value of mineral production at C$71.9 billion ($52 billion). The total GDP contribution was C$117 billion ($84.7 billion), around 4% of the national GDP.

"These numbers show the wealth that could come to Canada if we develop our mineral endowment," said MAC CEO Pierre Gratton. When mining, quarrying and oil and gas extraction are included, the share of GDP rises to 5.1%.

Employment figures remained strong, with 430,000 direct jobs and 281,000 indirect ones, demonstrating the sector's high-quality employment footprint. However, Gratton cautioned against complacency. "Geopolitical challenges, national security concerns, the transition to a low-carbon economy and the basic need to build and sustain a strong economy in the face of tariffs will require far more mined materials than we currently produce," he said.

Gold and copper stood out as key minerals. Gold surpassed passenger vehicles as Canada's second-largest export, reaching a value of C$30.2 billion ($21.87 billion) and representing 4.6% of all merchandise exports. Its role as a safe haven asset during times of uncertainty boosted demand and helped Canada become a leading exporter.

Copper, whose cornerstone role in green energy technologies has been increasing, brought in C$38.9 billion ($28.17 billion). Production, which amounted to around 508,000 tons, is still historically low compared to highs from 2016, when production exceeded 650,000 tons.

Gratton clarified that Canada must improve investment conditions and streamline regulatory frameworks to accelerate mine development.

Latest Startup Investment Opportunities:

"To supply the resources that are needed, Canada must foster a more efficient investment and regulatory environment," he said, calling for better federal-provincial coordination, faster permitting, and enhanced Indigenous consultation to ensure mining projects are developed in a timely but responsible manner.

This push for regulatory efficiency has gained momentum in Ontario, where Premier Doug Ford's government introduced Bill 5, the Protect Ontario by Unleashing our Economy Act. Framed as a tool to cut through what Ford describes as "a maze of bureaucracy," the bill would enable the province to fast-track mining approvals by establishing special economic zones exempt from certain environmental regulations.

The Ford government argues that these reforms are critical to unlocking mineral wealth in areas like the Ring of Fire and improving Ontario's global competitiveness in mine development timelines. Critics, however, say the legislation reduces oversight too far.

"They're just using this as a pretext for doing what they wanted to do already and hoping that people won't notice that the two are not really connected," Jamie Kneen, co-founder of MiningWatch Canada, said, per CBC.

Despite claims that the bill will shorten approval timelines from four years to two, Keen said that economic factors—not just regulation—are often responsible for delays in mine development. He pointed out Generation Mining's GENMF Marathon copper-palladium project, which paused for six years due to low prices. The mine was approved in 2022 but has yet to begin construction.

Read Next: 

• Dundee Precious Metals Eyes Adriatic Metals For $935 Million, No Formal Offer Yet

Photo by TimBrew via Shutterstock