Québec, November 25, 2020. – In 2019, investment expenditures in the Québec mining sector declined by 8.5% to $2,978 million. According to intentions expressed by companies, in 2020, these expenditures should decrease again by 2.4% to $2,907 million.
These findings are based on the most recent data from the Annual Census on Mining Investment, 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 2019 is also available today.
Distribution of mining investment expenditures and change from 2018, Québec, 2019
Source: Institut de la statistique du Québec, Recensement annuel sur l'investissement minier
Mine complex investments
Expenditures on mine complexes dropped by 8.0% in 2019 to $2,475 million. These include:
- $755 million in mine complex development work expenditures (-18.5% from 2018);
- $1,040 million in capital expenditures (+0.7%); and
- $680 million in repair and maintenance expenditures for non-residential buildings, machinery and equipment (-7.1%).
In 2020, expenditures on mine complexes should decline 6.3% to $2,318 million.
Investments in mineral exploration and deposit appraisal
Exploration and deposit appraisal work expenditures decreased by 10.9% in 2019 to $503 million. In 2020, these expenditures should however increase by 17.0% to $589 million.
Precious metals, mainly gold, remain the most sought-after commodities in Québec. In 2019, they accounted for 70.3% of exploration and deposit appraisal work expenditures, for a total of $354 million. Commodities related to new technologies, such as graphite, lithium and rare earths, came in second place (13.1% for $66 million), followed by base metals (13.0% for $65 million). As for iron, titanium and vanadium, they represented 1.9% ($9 million) of these expenditures.
Investments in Québec’s main mining regions
Québec’s three main mining regions, namely Nord-du-Québec ($1,325 million), Abitibi-Témiscamingue ($933 million) and Côte-Nord ($543 million), received 94.0% of the investments made in the Québec mining sector in 2019.
In the Nord-du-Québec region, mining investments were up 1.5% in 2019. However, investments decreased in the regions of Abitibi-Témiscamingue and Côte-Nord by 21.6% and 9.9%, respectively.
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.