Mining Association of Canada | 2023 Report

The Mining Association of Canada | The Canadian Mining Story: Economic Impacts and Drivers for the Global Energy Transition 2023 26 Figure 1 shows trends in reserves since 1997, with all production values in 1997 set to 100. In the past 25 years, there have been marked declines in Canadian mineral reserves in all major base metals except gold (see Annex 5). The most dramatic declines have been in lead, down by 94% from its 1997 level; and zinc, down by 88% since 1997. Consistent investment over time and access to large tracts of land to explore are needed to reverse the long-term decline in proven and probable reserves. Identifying new reserves so that they may be mined and subsequently used in the economy requires investment in both exploration and mining development. EXPLORATION Exploration makes the mining industry possible. Identifying and quantifying reserves mean that mines can be developed, smelters and refiners can be built and operated, and manufacturing is provided with the inputs it needs. The goal of exploration is to locate mineral resources that may become reserves. Technological advances in surveying, airborne technologies and down-hole seismic imaging have enabled companies to find deposits with less environmental impact and more success than ever before. Increasing reserves over the long term, however, requires ongoing investments in exploration. Figure 1: Mineral Reserves in Canada, 1997=10016 0 50 100 150 200 Gold: 179 1997 2002 2007 2012 2017 2022 Copper: 84 Molybdenum: 54 Nickel: 37 Silver: 25 Zinc: 12 Lead: 6 16 Data from Statistics Canada, Selected natural resource reserves, table 38-10-0007-01. Data for 2021 is preliminary. Mineral reserves set to 100 in 1997.