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Image courtesy of Pochteca 2023 was a year of contraction in the industry after several previous years in which distributors raked in profits due to supply bottlenecks and high prices. Due to oversupply, prices dropped in 2023, and distributors experienced significantly lower demand. Overstocking created a downward pressure on pricing.
Image courtesy of Equinox Gold Ontario managed to maintain its status as a top mineral producer, generating C$13.5 billion worth of minerals in 2022 – representing 22% of Canada’s total mineral production value. In 2022, the Ontario Mining Association (OMA) reported that Ontario expects C$13.7 billion worth of mineral production in 2025. Should the current levels of growth continue, that forecast may be reached sooner than anticipated.
"There are some fantastic technologies and advancements that can help companies change and improve their operations and make them safer and more sustainable." PARTNER, NATIONAL MINING LEADER, KPMG IN CANADA What recent trends have you noticed in the local mining industry, and how has that reflected in the demand for KPMG’s services? KPMG is certainly seeing an increase in demand for our services around ESG strategy and decarbonization.
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