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 8 Extraction and processing take place where the minerals are found, but mining also has a measurable impact on the economies of Canada’s cities. Toronto is the global centre of mining finance. Between the TSX and the TSX Venture, Canadian exchanges have more than 1,170 mining issuers with a combined market capitalization of more than $520 billion. The fact that Canada is a key player in mining finance means that professional services related to mining and mining finance have had a chance to develop around the exchanges. Vancouver is a global centre of expertise in mineral exploration. There are approximately 800 exploration companies headquartered in Vancouver, including major mining players like Newmont and Teck Resources. The mining sector in Vancouver includes support services like geological research, business administration, finance, engineering and environmental consulting. Other cities provide services to the mining sector in their region. Montreal is the Canadian home to Rio Tinto and significant mining research and education facilities, making it an important centre for expertise in aluminum smelting. The total value of mineral production in Canada in 2021 was $55.5 billion as shown in Figure 5. This value has increased 11.6% from 2011. The rank of producing provinces has changed slightly over the decade, but the general division remains the same: the largest five producing provinces make up over 80% of the value of mineral production. Figure 4: Mines in Canada4 4 Mining Association of Canada.