Broadcast notice

Quebec, October 31, 2023. – In 2022, total capital expenditure in Quebec’s mining sector increased by 10.9% to $4,762 million. Expenses for complex mining development work, capital expenditures and repairs and maintenance increased 16.5% to $3,848 million. Additionally, expenditures on exploration and development of mineral deposits decreased 7.7% to $914 million.

This is what the publication tells us Mining investment in Quebec in 2022released today by the Quebec Institute of Statistics.

Increase in mining spending in Nord-du-Québec and Abitibi-Témiscamingue

Nord-du-Québec, Abitibi-Témiscamingue and Côte-Nord, Quebec’s three main mining regions, share 94.3% of spending in Quebec. In the Nord-du-Québec and Abitibi-Témiscamingue regions, spending increased by 21.5% and 33.7%, respectively, in 2022. For the Côte-Nord region, spending fell by 24.0%.

Very sought after precious metals

Precious metals, particularly gold, remain the most sought-after substances in Quebec. They account for 64.1% of exploration and development costs incurred in 2022, totaling $585 million. This is followed by base metals (19.5% for $179 million). Graphite, lithium and rare earths, materials related to new technologies, account for 12.0% ($110 million).

A quarter of spending on exploration work carried out by Quebec companies

Overall, Canadian companies accounted for 88.2% of exploration and development spending in 2022: 25.0% came from companies based in Quebec and 63.2% came from companies based elsewhere in Canada.

The Quebec Statistics Institute produces, analyzes and disseminates official, objective and high-quality statistical information on various aspects of Quebec society. It is responsible for carrying out all statistical surveys of general interest. The relevance of its work makes it a strategic ally for decision-makers and anyone interested in learning more about Quebec.

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