Ontario Premier Pushes to Fast Track Mining as Industry Grows to C$64 Billion

A new report from the Ontario Mining Association reveals that the province's mineral exports reached C$64 billion in 2023, accounting for more than 25 percent of Ontario’s total goods exports.

Of that amount, C$42 billion worth of minerals were shipped to the US, including C$5.7 billion in critical minerals such as platinum-group metals, nickel, copper, uranium and zinc.

More than half — or 57 percent — of Ontario’s critical mineral exports were destined for the US.

The State of the Ontario Mining Sector report highlights the industry's profound impact on the provincial economy.

Ontario remains Canada’s top gold producer, home to 18 operating gold mines that yielded approximately 2.9 million troy ounces of gold in 2023, valued at C$6.5 billion. The province also boasts nine active critical mineral mines and 10 processing facilities, feeding industries such as aerospace, defense and electric vehicle production.

The report underscores mining’s economic contributions, including a C$23.8 billion injection into Ontario’s GDP in 2023 — nearly 3 percent of the province’s total GDP. Mining investments reached C$5.2 billion in capital expenditures, directly employing 22,000 workers with an average salary of C$150,000 — almost double the provincial average.

The industry also supports 126,000 indirect jobs, and 12 percent of its workforce identifies as Indigenous, significantly higher than the 3 percent Indigenous participation across Ontario’s overall workforce.

"Ontario’s mining sector is a cornerstone of our technology-driven economy, delivering well-paying jobs, producing essential inputs to North America’s manufacturing supply chain, and plays a vital role in our continental security,” said Ontario Mining Association President Priya Tandon in a Tuesday (March 4) press release.

Ontario’s mineral production reached C$15.7 billion in 2023, a 50 percent increase over the past decade. Between 2019 and 2024, four new mines opened in Northern Ontario, with six new projects and four expansions underway.

Ontario remains a global leader in mining finance, with the TSX and TSXV listing 40 percent of the world’s publicly traded mining companies, valued at C$603 billion by the end of 2024 — more than triple their market value in 2015.

However, exploration spending — key to ensuring long-term commodities supply — was C$976 million in 2023, representing 23 percent of Canada’s total, but highlighting the need for continued investment.

The sector also faces labor shortages, with 21 percent of its workforce over the age of 55 and declining enrollment in mining-related educational programs. The Ontario Mining Association's "This is Mine Life" campaign, funded in part by the provincial and federal governments, is working to attract young people and newcomers to Canada to mining careers.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.