PUBLICATION

Global Business Reports

AUTHORS

Margarita Todorova, Micah Lanez, Maya Ordoñez

Ontario Mining and Toronto's Global Reach 2024

February 27, 2024

Inflation, volatile markets, and geopolitical tensions are testing Ontario's miners and explorers. Despite high metals prices in the past year, rising costs for miners and a lack of capital for explorers have challenged the industry. Furthermore, the mining sector’s persistent labor shortages continue, hindering Ontario’s efforts to exploit its abundant deposits of critical minerals in areas like the Ring of Fire.

Nevertheless, they push forward: exploring, developing, and mining Ontario’s rugged terrain. Meanwhile, the government sought to streamline the creation of new mines with the Building More Mines Act, made a home for Volkswagen and Stellantis-LG electric battery factories, and continued to boost local exploration through incentives such as the Ontario Junior Exploration Program (OJEP) and the Critical Mineral Exploration Tax Credit (CMETC). In spite of adversity, Canada’s Heartland Province has the potential to be the epicenter of the green energy transition and maintain its status as Canada’s golden province.

GBR’s annual Ontario Mining and Toronto’s Global Reach 2024 report draws from over 100 interviews with leading executives from major producers, associations, juniors, consultants, investors, and service providers, to provide an in-depth and holistic view of what is happening now, and more pertinently, what could happen in the years ahead.

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