The metal ores mining output in Canada stood at 33.31 Billion CAD in 2023. Over the past decade, there has been a clear upward trend with some fluctuations. The annual variation has generally been positive, showing a consistent increase except for minor declines in some years. The most significant growth was observed in 2017 and 2019, reflecting double-digit percentage increases.
Over the last two years, the year-on-year growth rates were 1.34% for 2022 and 1.31% for 2023. The Compound Annual Growth Rate (CAGR) over the last five years averaged at 4.45%, indicating steady growth in the industry.
The forecast data suggests a continued growth trend at a more subdued pace, with an expected CAGR of 0.97% from 2024 to 2028. By 2028, the output is projected to reach 35.4 Billion CAD. Future trends to watch for include technological advancements in mining operations, fluctuating global demand for metals, and regulatory changes impacting the mining industry.
