Ontario: A Global Leader in Mining

The State of the Ontario Mining Sector, a report published by the Ontario Mining Association (OMA), supported by Ontario’s Ministry of Mines, reveals that Ontario’s domestic mineral exports — minerals and metals extracted in the province — were valued at $64 billion in 2023, making up more than 25% of Ontario’s total exported goods. Ontario’s mineral exports to the USA totaled $42 billion, including $5.7 billion from critical minerals such as platinum group metals (PGMs), nickel, copper, uranium and zinc. As far as Ontario’s critical mineral exports, 57% went to the USA. Editor’s note: All values in this article are Canadian dollars.

With 18 gold mines, Ontario produced approximately 2.9 million ounces of gold in 2023 valued at $6.5 billion — 45% of Canada’s total and 3% of global production. The province also has 12 advanced gold exploration projects.

The province is also home to nine active critical mineral mines and 10 processing facilities, producing materials such as nickel, copper, PGMs, and cobalt, saw total production value of $6.4 billion in 2023. By 2040, demand for nickel is projected to be 14 times higher than in 2021, while cobalt demand is expected to rise sevenfold and copper demand threefold. The Sudbury Basin and the Ring of Fire contain key deposits of nickel, copper, platinum, and chromite.

The sector contributes $23.8 billion to Ontario’s gross domestic product (GDP) in 2023, nearly 3% of the province’s total GDP. Mining invested $5.2 billion in capital expenditures, supporting employment and regional development. Approximately 22,000 people are directly employed in mining, earning an average of $150,000 annually, nearly double the provincial all-industry average. Additionally, 12% of the mining workforce identifies as Indigenous, compared to 3% across Ontario’s overall workforce. A further 126,000 jobs are indirectly supported by the sector.

“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 Priya Tandon, president of the OMA.

Ontario had 36 active mining operations in 2023, with mineral production valued at $15.7 billion — a 50% increase over the past decade. Between 2019 and 2024, four new operating mines opened in Northern Ontario, with six new mine projects and four mine expansions currently underway.

Ontario is also the leading global centre for mining finance. The Toronto Stock Exchange and TSX Venture Exchange list 40% of the world’s publicly traded mining companies, with a combined market value of $603 billion at the end of 2024 — more than triple their 2015 value.

Exploration spending reached $976 million in 2023, representing 23% of total exploration spend across Canada. Exploration is especially vital for nickel, copper, and zinc where reserves have decreased substantially over the past quarter century: nickel by 58%, copper by 67%, and zinc by 95%. There are 32 significant mineral projects in Ontario, including projects in the Ring of Fire area.

Looking ahead, Ontario’s mining sector is poised for continued growth and global competitiveness, Tandon explained. “By leveraging its rich mineral resources, embracing innovation, and strengthening community and Indigenous partnerships, Ontario will remain a global leader in responsible mining,” she said. “The sector’s contributions to GDP, trade, and technological advancement underscore its pivotal role in shaping Ontario’s economic future.”