More mines, more ounces: A decade of gold gains turned Canada into a mining powerhouse

A contractor works at the underground at LaRonde mine in the Abitibi-Témiscamingue region, Quebec, Canada.

Gold keeps setting records and Canada is producing a lot more of it.

High gold prices over the past decade have driven new mine openings and expansions pushing Canada’s gold output up 31 per cent, according to the Mining Association of Canada.

It pushed Canada past the U.S. into number four in the world two years ago, and Canada is still climbing with fresh projects, producing about 198 tonnes of gold in 2023, worth roughly $16 billion, according to Natural Resources Canada.

“All we’ve been opening up is gold mines,” Pierre Gratton, president and CEO of the Mining Association of Canada told BNN Bloomberg in an interview.

He said in the last 15 years, mining for base critical minerals haven’t grown as much because their prices have stayed low.

But gold has been the bright spot, he said, with global prices up nearly 150 per cent over the past decade and surpassing US$4,300 an ounce this week.

“Gold just has continued to grow,” said Gratton.

Gratton said permits for gold mines are often quick and take three to five years to get approved because they’re smaller than big open-pit or base-metal projects and they tend to be easier and faster to assess.

A decade of expansion

Ontario and Québec have represented more than 70 per cent of Canada’s gold output in recent years according to Natural Resources of Canada.

Gratton confirms several new mines have entered production, including B2Gold’s Goose mine in Nunavut, Agnico Eagle’s Odyssey mine in Quebec, Equinox’s Valentine mine in Newfoundland and Labrador, Artemis Gold’s Blackwater project in British Columbia, and Osisko’s Cariboo Gold, now under construction in British Columbia.

Kinross is advancing its Great Bear project in Ontario’s Red Lake region, while Agnico is expanding Upper Beaver in Ontario.

IamGold’s Coté Gold began operations last year in Ontario, and Equinox’s Greenstone mine has entered production in Ontario.

Copper expansions such as Newmont’s Red Chris project in British Columbia is expected to add to national gold output.

This week, IAMGOLD announced deals to acquire Northern Superior Resources Inc. and Mines d’Or Orbec Inc. in Quebec, a combined transaction worth roughly C$392 million.

“That’s a lot of new activity,” Gratton said.

High prices, high performance

A surge in gold prices is fueling record profits for producers.

Agnico Eagle, Canada’s largest gold miner, said it’s staying disciplined despite soaring prices, posting record free cash flow and reaching $1 billion in net cash by June.

“With the higher gold prices and solid operational results, we have achieved record financial performance and generated record free cash flows in the first half of 2025,” Jean-Marie Clouet, Vice President of Investor Relations at Agnico Eagle Mines Limited, told BNN Bloomberg in an email.

The company said it is exploring ways to boost value, from extending the life of aging mines to using idle plant capacity and reviving projects made profitable by higher gold prices.

What’s next if prices stay high?

Canada’s production base is set to expand into the 2030s if today’s prices hold.

Agnico outlined five internal projects it believes could lift its output to 4.0 to 4.3 million ounces annually in that decade.

Plans include growing Detour Lake toward one million ounces a year, expanding Canadian Malartic with a second shaft and satellite deposits, building Upper Beaver in Ontario and Hope Bay in Nunavut.

The company is also developing the San Nicolás copper-zinc project in Mexico. All five projects are being internally funded.

Gold industry-wide, Gratton expects “next year’s numbers to be better than this year’s” as new Canadian capacity ramps.

The only issue is a worker shortage. Gratton said the industry needs mining engineers and skilled trade workers across the board.

“We need to attract more young people into this industry.”

Beyond the surge, Canada’s clean reputation

Canadian miners are recognized globally for clean, responsible operations.

TD Securities’ Bart Melek noted that Canadian producers are “among the most ethical and environmentally responsible in the world,” a factor that boosts their reputation with investors and governments alike.

Gratton said Canada also has a competitive edge because of the Royal Canadian Mint. It plays a key role in Canada’s gold sector, because it is a trusted national institution that helps Canadian gold reach global markets.

“Most of the mines send their gold to the Mint., and the Mint is also the minter of currencies all over the world, not just Canada’s,” said Gratton.

He explained, the Royal Canadian Mint sells gold to the London Bullion Exchange, where it enters global circulation, and reinforces Canada’s reputation for responsible, high-quality production.

“It’s one of the lesser known jewels in Canada’s crown,” said Gratton.

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