{"id":3188,"date":"2020-12-16T19:54:00","date_gmt":"2020-12-16T19:54:00","guid":{"rendered":"https:\/\/amq-inc.com\/bilan-de-lindustrie-miniere-la-petite-histoire-de-2020-selon-lassociation-miniere-du-quebec\/"},"modified":"2023-04-17T15:47:38","modified_gmt":"2023-04-17T15:47:38","slug":"bilan-de-lindustrie-miniere-la-petite-histoire-de-2020-selon-lassociation-miniere-du-quebec","status":"publish","type":"post","link":"https:\/\/amq-inc.com\/en\/bilan-de-lindustrie-miniere-la-petite-histoire-de-2020-selon-lassociation-miniere-du-quebec\/","title":{"rendered":"Review of the mining industry: key events in 2020 as seen by the Qu\u00e9bec Mining Association"},"content":{"rendered":"\n

Qu\u00e9bec City, December 16, 2020<\/strong> \u2013 The year 2020 has been challenging in many ways. However, the Qu\u00e9bec Mining Association considers that this unusual year has still been positive overall.<\/p>\n\n\n\n

March-April<\/h3>\n\n\n\n

The upheaval caused by COVID-19 was followed by a display of solidarity, leadership and resilience by all players in the mining industry, and public health and control measures were introduced immediately to limit the spread of the virus at mine sites. The effectiveness of the measures was recognized by the Qu\u00e9bec government, which quickly authorized the resumption of mining activities. The measures clearly had a positive impact, since only a few cases of COVID were recorded among mining sector workers. The economic aspects were never allowed to take precedence over health and safety, and mining companies continue to maintain a high degree of vigilance.<\/p>\n\n\n\n

August<\/h3>\n\n\n\n

Gold prices reached a historical record of 2,740 Canadian dollars per ounce. This made up for some of the losses caused by COVID-19 mine shutdowns, and also by the introduction of strict public health and control measures. For operating mines, the QMA estimated that the three weeks of work stoppages in the spring cost over $550 million in extra costs and lost production.<\/p>\n\n\n\n

October<\/h3>\n\n\n\n

The Qu\u00e9bec government unveiled its plan for the development of critical and strategic minerals. Qu\u00e9bec\u2019s mining industry will play a leading role, in particular by supplying the metals and minerals needed for transportation electrification and the energy transition. The QMA believes that the government\u2019s message highlights the ability of the mining sector to offer a genuine solution to the issues of climate change, while potentially enriching Qu\u00e9bec.<\/p>\n\n\n\n

The QMA also published its most recent study of the benefits generated by the mining industry in Qu\u00e9bec. It shows once again that the Abitibi T\u00e9miscamingue region occupies the pole position. Out of almost $10 billion spent throughout Qu\u00e9bec, the Abitibi-T\u00e9miscamingue region accounted for $3.44 billion, while Montr\u00e9al ranked third with $1.2 billion of spending.<\/p>\n\n\n\n

December<\/h3>\n\n\n\n

Iron prices also performed well in 2020, since they reached a seven-year peak of over 50 US dollars per tonne. This points to a bright future for mineral development in the C\u00f4te-Nord region, where companies such as Qu\u00e9bec Iron Ore have announced their intentions to expand their mining site.<\/p>\n\n\n\n

Disappointment<\/h3>\n\n\n\n

Despite all this good news, 2020 also brought a measure of disappointment. For example, Qu\u00e9bec lost its place in the Fraser Institute\u2019s Top 10 list of the best mining investment destinations worldwide. By dropping from 4th to 18th place, Qu\u00e9bec recorded its worst result since 2014, showing that the uncertainty of recent years has had an impact on investors. This is not an encouraging sign for the future.<\/p>\n\n\n\n

Another disappointment came from the confirmation in December, by the Institut de la statistique du Qu\u00e9bec, of a decline in mining investment in 2019. Instead of the expected increase of $400 million Qu\u00e9bec saw a drop of almost $300 million, to a total of $2.98 billion. Because of its impact on the future of the mining industry, the QMA is concerned about this decline in investment in Qu\u00e9bec mines, which is expected to continue into 2020.<\/p>\n\n\n\n

Prospects for 2021<\/h3>\n\n\n\n

One of the things to watch in 2021, besides resource prices, will be Qu\u00e9bec\u2019s ability to benefit from the development of critical and strategic minerals. The Nouveau Monde Graphite project continues to attract attention along with lithium development, resulting in particular from the restructuring of Nemaska Lithium. More good news in September was that mining would resume at Stornoway Diamonds\u2019 Renard Mine. With a credible relaunch strategy and a more favourable diamond market, it will be interesting to monitor developments at Qu\u00e9bec\u2019s first diamond mine.<\/p>\n\n\n\n

With the end of the pandemic now in sight, it is clear that Qu\u00e9bec\u2019s mines will have a key role to play in the economic recovery of many regions and of Qu\u00e9bec as a whole.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\n

\u00ab This is the end of a challenging year. Qu\u00e9bec\u2019s mining sector can be proud that it has weathered the storm without too much damage thanks to the commitment of its workers and the application of strict public health and control measures. The mining industry has been recognized as essential by the Qu\u00e9bec government and has taken responsibility for conducting operations in a safe manner. We can be proud of the results. \u00bb<\/p>\n\n\n\n

\u00ab Strong prices for many metals have helped maintain mining activities in Qu\u00e9bec. However, it is important to reverse the decline in investment and exploration expenditure in order to maintain a prosperous and permanent mining industry in Qu\u00e9bec. \u00bb<\/p>\n– Jos\u00e9e M\u00e9thot, President and CEO of the QMA<\/cite><\/blockquote>\n\n\n\n

<\/div>\n\n\n\n

About the Qu\u00e9bec Mining Association<\/strong><\/p>\n\n\n\n

The Qu\u00e9bec 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 Qu\u00e9bec’s mining industry in 2018, based on the most recent data. The QMA\u2019s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Qu\u00e9bec.<\/p>\n","protected":false},"excerpt":{"rendered":"

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