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 68 CDIA for mining, excluding oil and gas, was projected at $106.1 billion in 2021. This is 6.8% of Canada’s total investment abroad for all industries. CDIA in mineral and metal manufacturing was lower, as shown in Figure 5. While outward flows of investment are essential to any open economy, the sheer scale of the increase in outward investment demonstrates the expanding global reach of Canada’s mining sector. FOREIGN DIRECT INVESTMENT IN CANADA As an open economy, Canada relies on foreign direct investment (FDI) in most sectors. The converse of CDIA, FDI is when other countries make investments in Canada. In 2021, FDI for the mining sector was $65.1 billion, which made up 6% of Canada’s total, a substantial increase from levels only a few years ago. Mineral manufacturing also sees substantial FDI, as shown in Figure 6. Figure 6: Foreign Direct Investment in Canada, Mining and Related Subsectors51 Mining (except oil and gas): $65.1B Non-metallic mineral product manufacturing: $11.2B Primary metal manufacturing: $5.4B Fabricated metal product manufacturing: $3.8B 10 0 20 30 40 50 60 70 80 2001 2006 2011 2016 2021 2026 Billions of Dollars 50 Statistics Canada. Table 36-10-0009-01 International investment position, Canadian direct investment abroad and foreign direct investment in Canada, by North American Industry Classification System (NAICS) and region, annual (x 1,000,000).