$926 MILLION IN MINING ROYALTIES PAID TO THE
QUÉBEC GOVERNMENT IN 2021
Québec City, March 31, 2023 – For the past several years, Québec’s mining industry has made a significant contribution to the provincial economy, and 2021 is no exception. The $926 million paid to the Québec government as mining royalties constitutes a record for the last ten years. In the view of the Québec Mining Association (QMA), the increase of 47% compared to 2020 highlights the vitality of this key sector of Québec’s economy.
According to the information released by the Ministère des Ressources naturelles et des Forêts (MRNF), iron and gold mines are the biggest contributors, paying 87% of all mining royalties to the Québec government, followed by 12.5% for the critical and strategic minerals sector. Production of these minerals, which are needed for the energy transition, has increased substantially compared to 2020. Graphite production, in particular, has almost doubled from 6,568 tonnes to over 12,000 tonnes in 2021.
The record amount of mining royalties paid to the government provides a reminder of the industry’s total contribution to the Québec treasury. This amounted to over $1.8 billion, without counting corporation tax, according to the most recent report on the economic benefits generated by Québec’s mining industry for the year 2020.
The QMA sees a promising future for the mining industry. The budgets tabled by the federal and provincial governments reflect the importance they place on the development of critical and strategic minerals.
Citations
-Josée Méthot, QMA president and CEO
“The QMA is proud to see the mining industry contributing significantly to Québec’s economic growth, the energy transition and the fight against climate change. Mining, more than ever before, is a collective heritage that benefits all Quebecers, in particular this year, when mining royalties will help fund a reduction in income tax for individuals.”
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 48,187 jobs and activities totalling $11.7 billion generated by Québec’s mining industry in 2020. The QMA’s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Québec.