Is Québec about to realize its extraordinary mining potential? The province's ambitions remain strong despite significant challenges like the unprecedented wildfires in the North, a macroeconomic slowdown, and geopolitical instability. The coming years will be those of execution as Québec targets the pole position in the critical minerals race. Beyond its gold output, lithium, graphite and rare earths will eventually have to enter commercial production for Québec to match its circularity ambitions, from production to recycling.

Before becoming a critical minerals leader, the challenges observed in the past months have reminded the industry and investors that Québec’s story has (so far) been written in golden letters. The king of commodities will continue to carry the province’s technological, economic, and social development, as majors surf a high gold price and developers seek to restart past giants.

In 2024 and beyond, the province will face several challenges that go beyond short-term market downturns in future-facing minerals. First, Québec can no longer take its green, cheap and reliable hydroelectricity for granted. Electricity shortages will make powering the mines of the present and the future increasingly difficult. Stakeholders will also have to find the right balance between generating value and managing communities, as both the Northern and Southern parts of the provinces want more (but differently) from what the mining industry is currently offering them.

But Québec holds a trump card: From leveraging AI to advance exploration, to constructing the Galaxy lithium project or operating automated drills at the Goldex gold mine, Québec is home to an unparalleled network of service providers that contribute to the province’s reputation of being one of the best places in the world to build a mine. More than a “resource province”, Québec’s vision is to become a uniquely integrated player in North America. In the coming months, one can envision lithium from the Whabouchi mine being transported via the Billy Diamond road to Matagami, where a hand-haul zone is currently being built, allowing truck traffic to transport the spodumene concentrate to Bécancour for lithium processing and upgrading in Trois-Rivières, in the “Battery Valley”. The vision is set, now Québec’s mining stakeholders must demonstrate operational excellence to execute the battery strategy and take advantage of this generational opportunity to lead global decarbonization efforts.

GBR’s research team traveled throughout La Belle Province to meet with the industry leaders whose responsibility it is to execute that vision. We want to thank these institutional representatives, executives, and miners for their insights, along with the Ministry of Natural Resources and Forests, our association partners at QMA, AEMQ, and "THE Event". We truly hope you enjoy the read.