Copper Production and Canada Economy

Minerals and metals have played a significant role in the development of Canada. The country is well-reputed in leading the mining industries. The Canadians are involved in several activities related to public geoscience, services and equipment supplies, mine construction, processing, refining, technological innovation, etc.

In 2016, Minerals and Metal contributed $87 billion, which is 3% of GDP. In the same year, the mineral sector in Canada has invested $13.2 billion in construction, machinery, and equipment. These industries have provided 500k+ jobs in the regions of Canada. Canadian minerals and metals industries are the leading global business.

Canadian copper mining Companies contributed to Canada’s economy. High grades of copper are found in large sulfide ores. Ontario and British Columbia are two Canadian provinces that are the largest producer of Copper in the country. Below are the top companies that have a huge impact on the economy of Canada;

1. Barrick Gold Corp. (ABX.TO)

Barrick Gold corp. company is involved in the production, sales, and exploration of Copper and Gold with 16 operating sites in 13 countries. This mining company was founded in 1983 by Peter Munk. 

It has headquarters in Toronto, Ontario, Canada. 

2. Teck Resources Ltd. (TECK.B.TO)

It is Canada’s largest diversified mining company. They are the leader in sustainable resource development. They are a significant producer of copper with four operating mines. They have large development projects in Canada and South America. Its headquarters is located in Vancouver, British Columbia, Canada. It was founded in 1906 as Consolidated Mining and Smelting Company of Canada.

3. Solaris Resources Inc (SLS.TO)

One of the major companies in Canada involved in copper exploration. Solaris resources stock is focused on exploring as well as developing copper in America. Founded in 2018, its headquarters in Vancouver, Canada.

4. First Quantum Minerals Ltd. (FM.TO)

It is a fast-growing copper company engaged in the production, exploration, and development of copper. They are operating long-life mines in different countries. They export a million tonnes of copper concentrates globally. It was founded in 1983 with the name of Xenium Resources. Its headquarters is in Vancouver, BC, Candana.

5. Lundin Mining Corp. (LUN.TO)

It is a diversified Canadian base metals mining company that owns and operates mines in Sweden, US, Chile, and Brazil. Its headquarters is located in Toronto, Ontario, Canada. This company was founded in 1994 by Adolf H. Lundin.

6. Pacific Booker Minerals Inc.

This company primarily explores copper, gold, and other metal. It holds the advanced stage of development of the Morrison porphyry copper-gold-molybdenum deposit. Its headquarters is located in Vancouver, Canada. It was founded in 1983.

Conclusion

The mining industry contributed $109 billion to the Canadian economy in 2019. You can compare the data of previous years; you will find an enormous increase in the development in the mining sector. This sector has provided direct and indirect employment to the citizens. 

The above companies have contributed to the GDP of Canada effectively. Copper is widely used due to its useful properties. It is used in electrical wires, cables, and machinery. Copper has made our lives simple. That’s why copper production has benefited the country’s economy.