Canada is the 9th largest gold reserve in the world and the 5th largest producer of gold globally. This is one of the primary reasons why the country is a powerhouse in the global gold mining industry.
The Canadian gold mining industry has a rich history and has made substantial contributions to the growth of the Canadian economy. It was in the 1820s that gold was first discovered on the shore of Rivière Chaudièr. Then in 1858, gold was found in the sands of Fraser River. Forty years later, the legendary Klondike Gold Rush was the most productive gold mining event that happened in the rich history of Canada.
Today, new mines and excavations are done in various provinces and territories of Canada.
Canada’s Geology and Production
The gold mining industry in Canada is one of the most lucrative industries in Canada.
In 2020, Canada has mined 182 tonnes of gold, making this country the fifth global producer of gold resources in the world. It is estimated that between 10 to 20 percent of the total mining revenue of Canada is attributed to the gold mining sector. Canada has provided 43 percent of the world’s annual gold output and provided 6 percent of global mined production.
Most of these mines are located in Ontario and Québec, with other sites in Manitoba, Alberta, British Columbia, and Nunavut.
Ontario is one of the country’s biggest gold-producing areas, with most of its gold production coming from the Abitibi Greenstone Belt, Timmins, Kirkland Lake, and Red Lake. Ontario also produces huge amounts of silver and palladium.
Québec is also one of the country’s most significant gold-producing areas. The province produces a lot of gold, silver, and copper. The mining companies in Québec have discovered the largest gold reserve in North America.
The majority of mined gold production in Canada comes from Quebec and Ontario, accounting for 71 percent in 2020.
Canada is a great place to invest in the gold mining industry, and you can buy gold bullion and coins in the country.
Canadian Gold Mining Industry in a Nutshell
It is important to mention that Canada is one of the biggest gold-producing countries in the world. The gold mined in the country is not only sold locally but also exported to different parts of the world.
Ontario is one of the country’s biggest gold producing areas in 2020, with most of its gold production coming from include Canadian Malartic, Detour Lake, LaRonde (incl. LZ5), Brucejack, Porcupine, Meliadine, Rainy River, Hemlo, Meadowbank, and Macassa. Most of these mines are located in Ontario and Québec, with other sites in British Columbia and Nunavut.
Ontario also produces huge amounts of silver and palladium. Québec is also one of the country’s most significant gold-producing areas. The province produces a lot of gold, silver, and copper.
The mining companies in Québec have discovered a mine that is the largest gold reserve in North America. Worth mentioning is the exploration that has been done in British Columbia, which is expected to bring about a major gold mine in the future.
The total production value was approximately $12.3 billion in 2020. It is projected that the total gold production in Canada will be around 691,000 ounces this year. With that said, Canada is a great place to invest in the gold mining industry, and you can buy gold bullion and coins in the country.
Canada is a great place to be if you are interested in gold mining. The rich deposits of gold in the country make this one of the best places on Earth to mine. If you are planning to buy gold coins or bars, you should consider buying from Canada since the gold mined in this country is guaranteed to be of good quality.
At Newfoundland Gold, we provide extensive and advanced services for ESG gold mining in Canada. We are an alliance of companies that are committed to helping you with your mineral explorations and mining projects. Let us provide you with the right services and products you need to get the most out of your gold mining endeavours. Contact us today!