Québec is a great place for mining, as its Fraser Institute ranking as the world’s top mining jurisdiction for three years running bears witness. It fell to fourth place in the latest survey, but is still considered a tantalizing location for a sector boasting healthy growth figures. According to the Québec Mining Association (AMQ in French), investments in exploration and development have increased from less than C$1 billion in 2005 to C$2.5 billion in 2010, with expectations of reaching C$3 billion by the end of this year. The province has benefited from high metal prices and mining exports in 2010 amounted to C$6.8 billion, C$5.2 billion of which came from metallic mining.

In terms of volume, it is gold and iron ore that steal the spotlight. Gold production has remained flat over the last years, between 750,000 and 900,000 ounces per year (810,000 oz/y in 2010); however the addition of Canadian Malartic in 2011, a large open-pit mine operated by Osisko has output expected to reach more than 1.1 million oz/y this year and 1.4 million in 2012. On top of this, Goldcorp’s upcoming investment at Éléonore in the James Bay will also bring an additional 600,000 oz/y. With regard to iron ore, the Labrador Trough area, around the border of Québec and Newfoundland and Labrador, is home to an exploration and development frenzy. Production of iron ore in 2010 was 17 million mt/y, an 18% increase year-on-year. Other significant commodities on the metallic side include silver (4.1 million oz/y in 2010), nickel (28,000 mt/y), zinc (201,000 mt/y) and copper (24,000 mt/y).