Canadian gold mining market dominated by Barrick Gold

Press release   •   Dec 18, 2012 16:25 GMT

Production within the Canadian gold mining market hit an estimated 3,960.9 thousand ounces in 2011, with this amount expected to more than double over the next decade, reaching 5,799.1 thousand ounces by 2015 and 10,450.2 thousand ounces by 2020.

Even though the country lags far behind its counterparts in reserves, Canadian companies dominate the gold mining industry. These companies are big players in the Canadian industry, which ranks 7th globally, but rely mostly on assets in foreign countries (Barrick Gold alone produced 209.79 tonnes of gold in 2009, Canada produced 100 tonnes). In fact 75% of the world's mining companies are headquartered in Canada.

As of September 2009, there were 20 companies in the country with a market cap of 1 billion dollars or more. Barrick Gold is the country's largest gold mining company by several measures of size.

Barrick is the gold industry leader in production, reserves and market capitalization. The company operates globally, with a portfolio of 27 operating mines and advanced exploration and development projects located across the world, and large land positions on some of the most prolific and prospective mineral trends.

Canada's biggest undeveloped gold deposit currently (May 2011) is the Kerr Sulphurets Mitchell copper-gold property in north-western British Columbia. It holds 38.5 million ounces of gold (2P reserves, up 27% in 2011).

Canada has a number of planned and exploration gold projects in the pipeline, which are expected to become operational from 2013 onwards.

These projects are mainly located in British Columbia, Ontario, Quebec and Yukon, Newfoundland and Labrador and Manitoba, and other projects are scattered around the provinces of Nova Scotia, Nunavut and the Northwest Territories.

For more information on the Canadian gold mining market, see the latest research: Canadian Gold Mining Market

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