Québec, November 8, 2021. – The COVID-19 pandemic has left its mark on the mining sector in Québec. In 2020, investment expenditures in the Québec mining sector declined by 5.3% to $2,821 million. According to intentions expressed by companies, these expenditures should increase sharply in 2021, by 47.6% to $4,162 million.
Québec’s three main mining regions, namely Abitibi-Témiscamingue ($1,090 million), Nord-du-Québec ($983 million), and Côte-Nord ($559 million), received 93.3% of mining investments in Québec in 2020.
In the Abitibi-Témiscamingue and Côte-Nord regions, mining investments were up by 16.8% and 2.9%, respectively, in 2020. However, these investments declined by 25.8% in Nord-du-Québec.
Distribution of mining investment expenditures and change from 2019, Québec, 2020
Source: Institut de la statistique du Québec, Annual Mining Investment Survey.
Mine complex expenditures down in 2020
Mine complex expenditures decreased by 7.6% in 2020 to $2,287 million. This includes:
- $892 million in capital expenditures (-14.2% from 2019)
- $802 million in mine complex development work expenditures (+6.2%)
- $593 million in repair and maintenance expenditures for non-residential buildings, machinery and equipment (-12.8%)
Exploration and deposit appraisal expenditures increased in 2020
Despite the difficult context caused by the health crisis, exploration and deposit appraisal work expenditures rose by 6.1% in 2020 to $534 million. This increase demonstrates the interest of companies in Québec’s mining potential.
Mineral exploration companies, operating companies and public companies respectively incurred 65.7% ($351 million), 33.3% ($178 million) and 1.0% ($5.5 million) of these total expenditures.
Exploration and deposit appraisal work expenditures by type of company, Québec, 2006-2020
Source: Institut de la statistique du Québec, Annual Mining Investment Survey.
Precious metals, mainly gold, remain the most sought-after commodities in Québec. In 2020, they accounted for 83.5% of exploration and deposit appraisal work expenditures, for a total of $446 million. Base metals came in second place (7.5%; $40 million), and were followed by iron, titanium and vanadium, which accounted for 5.2% ($28 million) of these expenditures.
These findings are based on the most recent data from the Annual Mining Investment Survey, which were published today on the website of the Institut de la statistique du Québec. The bulletin Mines en chiffres – L’investissement minier au Québec en 2020 is also available as of today.
The Institut de la statistique du Québec produces, analyzes and disseminates official, objective and quality statistical information on various aspects of Québec society. It is responsible for conducting all statistical surveys of general interest. The relevance of its work makes it a strategic ally for decision makers and all those wishing to learn more about Québec.