The Ontario Mining Association (OMA), in partnership with Ontario’s Ministry of Mines, has released its latest report on the state of the province’s mining sector. The report underscores the industry’s vital role in Ontario’s economy, with domestic mineral exports valued at $64 billion in 2023—more than 25% of the province’s total exports. The United States remains Ontario’s largest trading partner, receiving $42 billion in mineral exports, including $5.7 billion worth of critical minerals such as nickel, copper, uranium, and platinum group metals (PGMs).
Gold mining remains a major contributor to the industry, with Ontario’s 18 gold mines producing approximately 2.9 million ounces valued at $6.5 billion in 2023. This represents 45% of Canada’s total gold production and 3% of global output. The province is also home to 12 advanced gold exploration projects, further strengthening its position in the global mining landscape.
Ontario’s critical mineral sector continues to grow, with nine active mines and ten processing facilities producing key materials such as nickel, copper, PGMs, and cobalt. In 2023, total production value for these critical minerals reached $6.4 billion. With demand for nickel, cobalt, and copper expected to rise significantly by 2040, Ontario’s reserves—particularly in the Sudbury Basin and Ring of Fire—will play a crucial role in meeting future supply needs.
Ontario’s mining sector is also a global leader in exploration and finance. The Toronto Stock Exchange (TSX) and TSX Venture Exchange list 40% of the world’s publicly traded mining companies, with a combined market value of $603 billion at the end of 2024. Exploration spending in Ontario reached $976 million in 2023, with a strong focus on replenishing critical mineral reserves. Looking ahead, the report emphasizes Ontario’s potential for continued growth through innovation, sustainability, and strengthened partnerships with Indigenous and local communities.
