Big things ahead for the province’s mining industry.
Over 9,000 claims have been staked to the end of April, with the Department of Industry, Energy and Technology currently dealing with over 200,000 active mineral claims. Globally, critical minerals are more in demand due to their role in the transition to a low-carbon and digital market. Newfoundland and Labrador has 23 of Canada’s 31 critical minerals. The exploration of rare earth minerals in Labrador, the discovery of lithium on the south coast, and the announcement that nickel from here will supply electric car manufacturer Tesla, demonstrates this province’s capacity to be a supplier-of-choice. Newfound Gold’s high-grade Queensway project includes a 500,000 metre drill program, while Marathon Gold’s Valentine Project will be the largest gold mine in Atlantic Canada with an estimated potential of four million ounces of gold. Newfoundland and Labrador was ranked the fourth most attractive area in the world for mining investment according to the Fraser Institute’s 2022 Annual Survey of Mining Companies. Strengthened by gold, iron ore and nickel, last year, $243 million was spent on exploration, the largest ever investment in exploration. Mineral shipments last year totalled $5.2 billion.
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