Québec City, March 29, 2022 – Since 2015, the mining royalties paid to the Québec government have grown steadily to reach a record $631.7 million in 2020. According to the Québec Mining Association (QMA), the increase of more than 60% compared to 2019 highlights the vitality of Québec’s mining industry. Despite a slowdown during the pandemic, mining companies were able to continue operations thanks to a strict application of public health measures.
The record royalties paid to the government acts as a reminder of the industry’s total contribution to the Québec treasury, which amounts to $1.3 billion before counting corporation tax is included.
According to a document released by the Ministère de l’Énergie et des Ressources naturelles (MERN), iron ore and gold mines made the most substantial contribution to Québec’s economic prosperity, accounting for almost 90% of total royalties. The amounts paid proved beneficial for the economy in a difficult year for all economic sectors. Strong prices for several metals helped maintain a high level of mining activities.
The coming years appear promising for the mining industry, in particular thanks to the development of critical and strategic minerals, which will play a leading role in the energy transition and the battery sector in Québec. These metals offer significant potential for wealth generation in the province.
« The QMA is optimistic about the mining industry’s future. Our iron ore and gold mines form a strong economic foundation for the development of the critical and strategic metals needed for the energy transition and the fight against climate change. The mining industry will be on hand to support Québec’s post-pandemic economic recovery. »– Josée Méthot, QMA president and CEO
About the Québec Mining Association
The Québec Mining Association (QMA) was founded in 1936 and speaks proactively for mining companies involved in exploration, extraction and processing, mining contractors and junior mining companies, along with suppliers, institutions, non-profit organizations and other mining sector partners. It is proud of the 48,006 jobs and total expenditure of $9.9 billion generated by Québec’s mining industry in 2018, based on the most recent data. The QMA’s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Québec.