As the world’s gold production dips, Canada’s continues to grow thanks to decades of investing
Canada is the only major gold producing country set to continue significant increases in gold production over the next five years while global production decreases, according to a recent report from S&P Global Market Intelligence. While this spells good news for Canada – the country stands to surpass the United States in national gold production in 2019 and become the fourth-largest gold producing country – it is not a shocker.
“There’s significant investment in the industry and there has been for several years,” said Christopher Galbraith, research analyst with S&P and author of the report. “It’s not a surprise really to anyone to see the industry ramping up this way.” Fifty per cent or more of all exploration dollars are devoted to gold in Canada, he explained. According to Natural Resources Canada, precious metals, gold in particular, remained the leading target for exploration spending in 2017, at $1.4 billion.
That dedication to gold investment is thanks in part to Canada’s long history as a gold mining country, with mature, prolific gold belts that have been mined for over 100 years, like in northern Ontario and Quebec, said Galbraith. “There’s still a lot of gold in the ground there, and they’re going to continue to bear fruit.”…