Mining in Ontario and Toronto’s Global Reach 2023
WELCOME LETTER
Global Business Reports (GBR) is delighted to be back in Ontario to provide our 2023 edition of Mining in Ontario and Toronto’s Global Reach, which provides an in-depth look at the current mining landscape in Canada's largest mineral producing province. Through analysis based on more than 120 interviews with leading executives from major producers, associations, juniors, consultants, investors, and technology and service providers, this report offers a comprehensive view of what is happening now and what could be happening in the months and years ahead. Like in previous editions, this report is not just about mining in Ontario, but also about the province's outstanding global projection through the Toronto finance hub. Ontario has been a leading mining province for a long time, but it has been surpassed in recent years by other jurisdictions that offer more attractive incentives, faster permitting, and less red tape. However, Ontario now has a dedicated mining ministry for the first time in decades, which aims to bring the province back to the top of the league table. In today's environment, it is more essential than ever to bring mines online efficiently, as a precarious mix of geopolitical tension and acute underinvestment in raw materials has exposed significant vulnerabilities in mineral-hungry supply chains. Fortunately, Ontario possesses all the necessary tools, including mineral endowment and know-how, to position itself as a hub of mining activity that powers global economic development as well as the energy transition. Encouraging early signs are emerging. Vale spent C$945 million in the past year alone to revive the old Copper Cliff South mine, creating 270 jobs in the Sudbury area. South Korea-based LG Energy Solution (LGES) also strengthened its commitment to the province by signing agreements to source lithium and cobalt from two Ontario-based mining companies —Electra Battery Materials and Avalon Advanced Materials. After a bidding war with BHP for positioning in the Ring of Fire, Wyloo Metals acquired Noront Resources for C$617 million, and Agnico Eagle continued to prioritize its work at Macassa and Detour Lake after acquiring Kirkland Lake Gold to become the world's third-largest gold producer. We would like to extend our sincere gratitude to all our interviewees for their invaluable insights, as well as to our partners at OMA, TMX Group, and PDAC. We hope this report will serve as a valuable resource for understanding the present and future of Ontario's mining industry, and Toronto's role in the global mining markets.