Québec, November 15, 2022. – In 2021, investment expenditures in the Québec mining sector rose by 55.2% to $4,293 million. According to intentions expressed by companies, these expenditures should remain above the $4 billion mark in 2022, at $4,231 million.
Québec’s three main mining regions, i.e. Côte-Nord ($1,421 million), Nord-du-Québec ($1,341 million) and Abitibi-Témiscamingue ($1,334 million), received 95.4% of mining investments in Québec in 2021.
Distribution of mining investment expenditures and change from 2020, Québec, 2021
Source: Institut de la statistique du Québec, Annual Mining Investment Survey.
Increased spending on mine complexes in 2021
Mine complex expenditures increased by 44.5% in 2021 to $3,303 million. This includes:
- $1,673million in capital expenditures (+87.6% from 2020)
- $897million in mine complex development work expenditures (+11.9%)
- $733 million in repair and maintenance expenditures for non-residential buildings, machinery and equipment (+23.6%)
Exploration and deposit appraisal expenditures up in 2021
Exploration and deposit appraisal work expenditures were up by 85.4% in 2021 to $990 million. This increase demonstrates the interest of companies in Québec’s mining potential.
Exploration and deposit appraisal work expenditures by type of company, Québec, 2007–2021
Source: Institut de la statistique du Québec, Annual Mining Investment Survey.
Mineral exploration companies, operating companies and public companies respectively incurred 71.5% ($708 million), 28.0% ($277 million) and 0.4% ($4.2 million) of these total expenditures.
Precious metals, mainly gold, remained the most sought-after commodities in Québec. In 2021, they accounted for 71.5% of exploration and deposit appraisal work expenditures, for a total of $708 million. Base metals came in second place (12.1%; $119 million), and were followed by iron, titanium and vanadium, which accounted for 9.5% ($94 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 Institut de la statistique du Québec’s website. The bulletin Mines en chiffres – L’investissement minier au Québec en 2021 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.