The Golden Rise of Quebec in the North American Mining Scene October 18, 2023 - Baystreet.ca Quebec, known for its picturesque landscapes and vibrant culture, is rapidly gaining prominence in North America's gold mining scene. As miners increasingly turn their attention to this Canadian province, there’s more than just a glint of opportunity for retail investors. Let's delve into what's been happening on the Quebec gold front. A Glittering Start: The Royal Canadian Mint's Initiative To highlight the province's growing importance in the gold mining industry, the Royal Canadian Mint introduced a unique coin sourced entirely from Quebec. The newest Gold Maple Leaf coin, made from gold exclusively from Newmont’s Éléonore mine, is a testament to Quebec's rising gold potential. Notably, this mine, located 800 km north of Montreal, produced over 215,000 oz. of gold in 2022 alone, signifying its substantial impact on the industry. Quebec vs. Ontario: The Race for Gold Quebec's surge in gold production is even more impressive when considering it alongside Ontario. In 2021, these two provinces combined to produce a staggering 70% of Canada's total gold output. The Canadian Malartic Mine in Quebec, owned by Agnico Eagle, stands out as Canada's largest, having produced a notable 647.89 thousand ounces of gold in 2022 which ranks it among the Top 10 gold mines in the world. This mine promises more gold until at least 2039, signifying a steady future for Quebec's gold industry. Expanding Upon the Abitibi Footprint Agnico Eagle has been hard at work solidifying its position, especially in Quebec's Abitibi gold belt. By 2023, the company's projected gold production from this belt alone ranges between 1.9 to 2.1 million ounces annually. This acquisition and focus underscore Agnico Eagle’s faith in Quebec's gold potential. A New C$600 Million Joint Venture Quebec's allure isn't limited to Canadian companies. South Africa’s Gold Fields recently partnered with Osisko Mining Inc. for the Windfall gold mining project to the tune of a C$600 million joint venture deal. For Gold Fields, this is a coveted entry into the Canadian mining sector. Their investment speaks volumes about the potential they see in Quebec's gold mines. With the Windfall project slated to produce an average of 294,000 ounces annually, it promises to be among Canada's top gold mines. The Push for Critical Minerals and its Gold Impact Canada's current focus on critical minerals, vital for new technologies and green energy, indirectly benefits the gold mining sector. As Alden Greenhouse from Agnico Eagle Mines points out, strategies focusing on critical minerals can streamline the process for opening new mines. In particular, the province of Quebec is becoming known for mining project funding that hands out several hundred million dollars a year. Its funding structure features Investment Quebec, which at times partners in funding with the province’s C$402 billion pension plan, the Caisse de dépôt et placement du Québec. Another unit of Investment Quebec, Resources Quebec, oversees mining funding from the C$1 billion Natural Resources and Energy Fund, and C$600 million of that is held by Resources Quebec. While there are no set limits, Resources Quebec averages around C$200 million per year in exploration and project funding. In 2022, the fund invested C$116.8 million, which accounted for less than half the previous year’s C$259.2 million, because some investment decisions landed after the year-end. This focus is expected to boost the gold industry and speed up the development of gold mines in Quebec. Wrapping Up Quebec, with its rich gold deposits and forward-thinking initiatives, is rapidly becoming a hub for gold mining in North America. For retail investors eyeing potential stocks, Quebec presents an enticing prospect filled with potential and promises of lucrative returns. As the province continues to welcome and foster growth in the gold mining industry, the golden age for Quebec seems to be just around the corner.
The Golden Rise of Quebec in the North American Mining Scene October 18, 2023 - Baystreet.ca Quebec, known for its picturesque landscapes and vibrant culture, is rapidly gaining prominence in North America's gold mining scene. As miners increasingly turn their attention to this Canadian province, there’s more than just a glint of opportunity for retail investors. Let's delve into what's been happening on the Quebec gold front. A Glittering Start: The Royal Canadian Mint's Initiative To highlight the province's growing importance in the gold mining industry, the Royal Canadian Mint introduced a unique coin sourced entirely from Quebec. The newest Gold Maple Leaf coin, made from gold exclusively from Newmont’s Éléonore mine, is a testament to Quebec's rising gold potential. Notably, this mine, located 800 km north of Montreal, produced over 215,000 oz. of gold in 2022 alone, signifying its substantial impact on the industry. Quebec vs. Ontario: The Race for Gold Quebec's surge in gold production is even more impressive when considering it alongside Ontario. In 2021, these two provinces combined to produce a staggering 70% of Canada's total gold output. The Canadian Malartic Mine in Quebec, owned by Agnico Eagle, stands out as Canada's largest, having produced a notable 647.89 thousand ounces of gold in 2022 which ranks it among the Top 10 gold mines in the world. This mine promises more gold until at least 2039, signifying a steady future for Quebec's gold industry. Expanding Upon the Abitibi Footprint Agnico Eagle has been hard at work solidifying its position, especially in Quebec's Abitibi gold belt. By 2023, the company's projected gold production from this belt alone ranges between 1.9 to 2.1 million ounces annually. This acquisition and focus underscore Agnico Eagle’s faith in Quebec's gold potential. A New C$600 Million Joint Venture Quebec's allure isn't limited to Canadian companies. South Africa’s Gold Fields recently partnered with Osisko Mining Inc. for the Windfall gold mining project to the tune of a C$600 million joint venture deal. For Gold Fields, this is a coveted entry into the Canadian mining sector. Their investment speaks volumes about the potential they see in Quebec's gold mines. With the Windfall project slated to produce an average of 294,000 ounces annually, it promises to be among Canada's top gold mines. The Push for Critical Minerals and its Gold Impact Canada's current focus on critical minerals, vital for new technologies and green energy, indirectly benefits the gold mining sector. As Alden Greenhouse from Agnico Eagle Mines points out, strategies focusing on critical minerals can streamline the process for opening new mines. In particular, the province of Quebec is becoming known for mining project funding that hands out several hundred million dollars a year. Its funding structure features Investment Quebec, which at times partners in funding with the province’s C$402 billion pension plan, the Caisse de dépôt et placement du Québec. Another unit of Investment Quebec, Resources Quebec, oversees mining funding from the C$1 billion Natural Resources and Energy Fund, and C$600 million of that is held by Resources Quebec. While there are no set limits, Resources Quebec averages around C$200 million per year in exploration and project funding. In 2022, the fund invested C$116.8 million, which accounted for less than half the previous year’s C$259.2 million, because some investment decisions landed after the year-end. This focus is expected to boost the gold industry and speed up the development of gold mines in Quebec. Wrapping Up Quebec, with its rich gold deposits and forward-thinking initiatives, is rapidly becoming a hub for gold mining in North America. For retail investors eyeing potential stocks, Quebec presents an enticing prospect filled with potential and promises of lucrative returns. As the province continues to welcome and foster growth in the gold mining industry, the golden age for Quebec seems to be just around the corner.