Canada Mining Report

Published 11 August 2015

  • 71 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
$1,295.00
Canada Mining Report

BMI View: Canada's mining sector will continue to feel the full force of the depression in global commodities markets over the coming quarters with the major mining groups for the most part retaining a conservative approach with regards to capacity levels and new investment. However, we believe the country is well placed to meet the upside when it comes, due to its well earned reputation as a world class destination for mining investment.

By most measures, Canada's mining industry is among the largest and most developed in the world with the country boasting extensive mineral minerals and metals resources that include sizeable precious metals deposits as well as large reserves of copper, nickel, zinc and iron ore. Miners are supported by a strong regulatory framework and world class infrastructure, while enjoying excellent access to capital and labour. As a consequence, the majority of the world's leading mining groups, including Vale, Rio Tinto, BHP Billiton and Glencore Xtrata, all have a significant presence in the country. The competitive landscape also includes a good mixture of internationally renowned domestic mining firms such as Barrick Gold, as well as junior miners.

Canada's mining sector has been the destination for significant foreign direct investment during the past few years, which has included the growing presence of Asian and emerging market mining groups. Moreover, there has been a push to develop the country's mining landscape beyond tradition centres of mining activity to relatively untapped regions closer to the Arctic Circle. This has convinced with a rise in transactional activity as the likes of Rio Tinto, Arcelor Mittal and Vale have sought to gain a steady foothold in the market through investing in local mining groups.

However, despite the inherent strengths of Canada's mining sector and the opportunities on offer for both local and multinational companies, the industry has not been immune from the recent downturn in global...

BMI Industry View
7
SWOT
10
Industry Forecast
12
Gold: Price Lows Temper Investment Appetite
12
Table: Major Gold Projects
14
Table: Gold Production Forecast (Canada 2011-2019)
17
Iron Ore: Project Landscape Still Bleak As Output Climbs
17
Table: Current Iron Ore Projects
19
Table: Iron Ore Production Forecast (Canada 2012-2019)
20
Nickel: Production To Accelerate From 2016
20
Table: Select Nickel Projects
22
Potential Upside For Nickel Production
22
Table: Nickel Production Forecast (Canada 2012-2019)
22
Zinc: No Return To Historical Production Highs
23
Table: Canada - Zinc Projects
25
Table: Zinc Production Forecast (Canada 2012-2019)
26
Industry Risk Reward Ratings
27
Canada Risk/Reward Index
27
Rewards
27
Industry Rewards
27
Country Rewards
27
Risks
28
Industry Risks
28
Country Risks
29
Table: Mining Industry Forecasts (Canada 2011-2019)
29
Americas Risk Reward Index
30
Regional Risks Increase Modestly
30
Weak Prices To Hurt, While Stronger Dollar A Mixed Blessing
31
Regional Outlook Unchanged Despite Some Reordering
32
Table: Americas - Mining Risk/Reward Index
33
Regulatory Development
34
Increasing Transparency
35
Government Prioritises Local Consultation & Environmental Stewardship
35
Coal Miners Biggest Losers Among Environmental Pressures
36
Table: Canada - Political Overview
36
Table: Regional Regulatory Index
37
Commodities Forecast
38
Industrial Metals: Remaining Below-Consensus
38
Chinese Demand To Remain Weak Despite Stimulus
39
Tightening Market Balance To Support Price Recovery
40
Competitive Landscape
42
Table: Canada - Largest Listed Mining Firms
43
M&A To Improve, But Remain Below Peak
44
Company Profile
45
Goldcorp
45
Latest Results
47
Table: Goldcorp - Key Financial Data
48
Teck Resources
49
Latest Results
51
Table: Teck - Key Financial Data
51
Barrick Gold - Q4 2015
52
Company Strategy
53
Latest Results
55
Financial Data
55
Table: Barrick - Key Financial Data
55
Address Details
56
Regional Overview
57
Americas Mining: The Three Key Themes
57
Key Themes:
57
Regulatory Changes On The Cards
57
Dollar Strength And Oil Price Weakness To Support Production
58
Americas To Outperform Northern Peers
59
Global Industry Overview
61
Global Mining: 2015 Key Themes Revisited
61
Table: Key Mining Themes For 2015
61
Theme: Mining Capital Expenditure Will Continue To Decline
61
Theme: US Dollar Strength
62
Iron Ore Consolidation & Majors Share To Increase
63
Asian Investment In Africa To Continue
64
2015's Standouts
65
Methodology
67
Industry Forecast Methodology
67
Sources
68
Risk/Reward Index Methodology
69
Table: Weighting Of Indicators
70

The Canada Mining Report has been researched at source and features Business Monitor International (BMI)'s mining and commodity forecasts for metals, minerals and gems, covering all major indicators including reserves, production, exports and values. The report also analyses trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Canada Mining Report provides industry strategists, service companies, company analysts and consultants, government departments, trade associations and regulatory bodies with BMI's independent forecasts and competitive intelligence on the mining industry in Canada.

Key Benefits

  • Use BMI's independent industry forecasts on Canada to test other views - a key input for successful budgeting and planning in this mining market.
  • Target business opportunities and risks in Canada's mining sector through our reviews of latest mining industry trends, regulatory changes and major deals, projects and investments in Canada.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity), Key Projects Tables and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering mining reserves, supply, demand and prices, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the mining sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2009-2013) and forecasts to end-2019 for key industry and economic indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Mining industry: Industry size (USDmn), real growth (%), % of GDP, employment (‘000), workforce as % of total workforce, average wage (USD).
  • Output: Production volumes (‘000 tonnes, carats etc.) for all major metals, minerals, ores and gems mined in each state, including bauxite, copper, gold, coal, lead, silver, tin, titanium, uranium, zinc etc.
  • Exports: Value of exports (USDmn) for all major metals, minerals, ores and gems mined in each state.
  • Commodity markets: Global demand, supply, stocks and benchmark prices (USD) for aluminium, copper, lead, nickel, tin, zinc, gold and steel.

BMI’s Mining Risk Reward Index

BMI’s Risk Reward Indices provide investors (mining companies and support service providers) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Competitive Landscape Tables & Analysis

Comparative company analyses and tables detailing USD sales, % share of total sales, number of employees, year established, market cap/NAV, ownership structure, production and % market share.

Key Projects

Details and analysis of all current and planned developments (new ventures, capacity expansion and other investments) across the sector broken down by metal/ore.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Sources

The Mining reports are based on an extensive network of primary sources, such as multilateral organisations (UN, WB, IMF), national chambers of commerce and industry, national statistical offices, government ministries and central banks, and multinational companies.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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