In this piece, we will be discussing 12 Biggest Canadian Mining Companies.
Canada is flying high in the mineral game! They’re the top players in potash production and rank high for diamonds, gemstones, gold, and a bunch of other goodies. Furthermore, Gold is their golden child, bringing in a cool $13.7 billion in 2021. Ontario and Quebec are the real MVPs, pumping out 70% of the shiny stuff, while it is mined across 10 various states of the country. Moreover, Canada is ranked as the 4th largest gold producer globally and 7th in terms of the gold reserves, as of 2022. Canada’s like a mineral treasure chest!
There’s some serious growth expected to come in the mining market! By 2028, it’s expected to skyrocket to $2825.81 billion with a sweet 5.5% annual growth rate. Why the surge? Think more infrastructure projects, tons of mergers, autonomous equipment taking charge, and construction activities on the rise. The industry’s talking lidar, drones, digital twins, 3D mine tech, battery-powered gear, automation – you name it! It’s like a tech revolution in the mining world.
Looking into the future i.e. the year 2024, Fitch Ratings is seeing a year where base metals are set to get a boost from China’s stimulus and a bounce-back in developed markets. This is all good news for iron ore and met coal, which might see stable demand. China is getting serious too, with $140 billion worth plans for special bonds, infrastructure boosts, and goals for metal production growth. Looks like the mining game is gearing up for some interesting twists and turns in the near future!
Moreover, green mining is gearing up for a serious boom in the coming future. The industry is looking at a jump from $11.2 billion in 2022 to nearly $19 billion by 2029 worldwide. With all the environmental rules getting stricter, the mining industry is going to need greener ways to get those minerals out. And also, McKinsey & Company says that going digital, using AI, machine learning, and IoT could save the mining sector a whopping $373 billion by 2025. That’s some serious cash and serious tech wizardry coming together to make mining more sustainable and efficient.
With this, let’s now move on to our list of 12 Biggest Canadian Mining Companies.
A worker in full safety gear operating an excavator in a mining operation.
Methodology
To curate our list of 12 Biggest Canadian Mining Companies, we relied on the companies’ revenue figures for the year 2023. The companies’ figures were extracted from Finviz and the companies’ reported earnings on their own websites. With this, let’s now move on to our list of 12 Biggest Canadian Mining Companies.
Please note that the revenue figures for all the companies pertain to full-year 2023.
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12. Wheaton Precious Metals Corp. (NYSE:WPM)
2023 Revenue: $1.02 billion
So, Wheaton Precious Metals Corp. – they’re a big shot from Canada in the precious metals streaming world. You know what they do? They’re all about producing silver and selling off more than 29 million ounces of silver that other companies mine as a side gig to their main operations.
In the fourth quarter of 2023, they brought in some serious moolah – we’re talking $313 million in revenue, $242 million in operating cash flow, $168 million in net earnings, and $165 million in adjusted net earnings. And just to sweeten the deal, they dished out a quarterly dividend of $0.15 per common share.
11. B2Gold Corp. (NYSE:BTG)
2023 Revenue: $1.93 billion
B2Gold Corp. (NYSE:BTG), the Canadian big shot in the mining world, runs gold mines in Mali, Namibia, and the Philippines.
Here are some highlights from their 2023 fourth quarter and full year: B2Gold Corp. (NYSE:BTG) hit a solid total gold production of 288,665 ounces in Q4 2023. This number includes 18,054 ounces chipped in by Calibre Mining Corp. Fekola, Masbate, and Otjikoto mines all outperformed expectations in the fourth quarter. Otjikoto even notched a new production record with 81,111 ounces. By the end of December 31, 2023, B2Gold was sitting pretty with $307 million in cash and equivalents, and a strong working capital of $397 million. B2Gold Corp. (NYSE:BTG) is the 10th company on our list of Biggest Canadian Mining Companies.
10. Pan American Silver Corp. (NASDAQ:PAAS)
2023 Revenue: $2.32 billion
Pan American Silver Corporation is this mining hotshot hailing from Canada, but making some big moves down in Latin America. They’ve got their hands in the pot in countries like Mexico, Peru, Bolivia, and Argentina, running mines and other projects. When you look at their numbers, you can see they’re no small fry. They brought in a solid $2.32 billion in revenue for the twelve months ending December 31, 2023, with a whopping 54.95% growth compared to the previous year. And let’s not overlook their performance in the fourth quarter of 2023 – pulling in $669.60 million in revenue, marking a staggering 78.37% year-over-year growth.
9. Cameco Corporation (NYSE:CCJ)
2023 Revenue: $2.58 billion
Cameco Corporation (NYSE:CCJ), a major player in the mining industry, is the world’s largest publicly traded uranium company, hailing from Saskatoon, Saskatchewan, Canada. Their stellar performance in 2023 showcased a remarkable achievement with net earnings and cash from operations more than doubling compared to 2022. Additionally, Cameco Corporation (NYSE:CCJ) adjusted earnings before interest, taxes, depreciation, and amortization saw a whopping 93% increase, fueled by the rise in uranium prices.
As nuclear energy gains renewed attention as a key element in the transition to renewable energy sources, the demand for uranium has surged. Being the go-to metal for nuclear fission, uranium prices hit new highs, with spot prices soaring to $100 per pound (lb) by January 2024, a significant leap from $48/lb at the close of 2022.
8. Lundin Mining Corporation (OTC:LUNMF)
2023 Revenue: $3.39 billion
Lundin Mining Corporation (OTC:LUNMF), a major player in the mining industry, is a Canadian company running mines in Sweden, the United States, Chile, Portugal, and Brazil that churn out base metals like copper, zinc, and nickel.
In the fourth quarter ending on 31 December 2023, Lundin Mining Corporation (OTC:LUNMF) hit some impressive numbers: They smashed their previous record by producing a whopping 103,337 tonnes of copper, marking an outstanding 80% increase from the same period the year before. On top of that, they also pumped out 50,719 tonnes of zinc, 3,729 tonnes of nickel, and around 44,000 ounces of gold.
Their zinc expansion project at Neves-Corvo really kicked things up a notch, helping them achieve record zinc production levels for the quarter. And for the cherry on top, they raked in a cool $1,060.0 million in revenue during that fourth quarter. Lundin Mining is the 8th company on our list of Biggest Canadian Mining Companies.
7. Kinross Gold Corporation (NYSE:KGC)
2023 Revenue: $4.24 billion
Kinross Gold Corporation (NYSE:KGC), a heavyweight in the mining industry, is a Canadian gold and silver mining company that sprang to life in 1993 and calls Toronto, Ontario, Canada, its home base.
In the fiscal year 2023, Kinross Gold Corporation (NYSE:KGC) caught the eye of four analysts who hiked up their earnings estimates in the past 60 days. According to Nasdaq, KGC has an impressive track record of earning surprises, with an average of 40.9%. Sporting a strong Zacks Rank and top-notch Value and VGM Style Scores, Kinross Gold Corporation should definitely be a contender for investors’ shortlists.
6. First Quantum Minerals Ltd. (Toronto:FM.TO)
2023 Revenue: $6.46 billion
Next on our list of 12 Biggest Canadian Mining Companies is First Quantum Minerals Ltd. (Toronto:FM.TO), a big player in the mining and metals game. Based out of Canada, they’re all about exploring, developing, and mining minerals.
Now, for the full year ending on December 31, 2023, First Quantum Minerals Ltd. (Toronto:FM.TO) churned out their earnings report. Sales for the year totaled $6,456 million, a slight drop from $7,626 million the year before. On the flip side, they hit a net loss of $954 million, a sharp turn from the $1,034 million net income they saw a year earlier. Tough break for First Quantum Minerals in 2023.
5. Agnico Eagle Mines Limited (NYSE:AEM)
2023 Revenue: $6.63 billion
You know who’s making waves in the mining world? Agnico Eagle Mines Limited (NYSE:AEM), the Canadian gold producer with operations all over the globe, from Canada to Finland, Australia, Mexico, and even the United States.
So, in the fourth quarter of 2023 ending 31 December, Agnico Eagle Mines Limited (NYSE:AEM) rocked the charts with adjusted earnings of 57 cents per share, a nice bump from the 38 cents they brought in the year before. They really outperformed, beating the Zacks Consensus Estimate of 48 cents. And when it came to revenue in the quarter, they hit a whopping $1,756.6 million, marking a stellar 27% spike compared to the previous year.
4. Teck Resources Limited (NYSE:TECK)
2023 Revenue: $11.12 billion
Let’s talk about Teck Resources Limited, a major player in the mining world. Teck Resources Limited (NYSE:TECK) used to go by Teck Cominco until 2008 and are based out of Vancouver, British Columbia. Teck Resources is all about mining and developing minerals, like coal for the steelmaking industry, copper, zinc, and energy.
In the fourth quarter of 2023 ending 31 December, Teck Resources Limited (NYSE:TECK) pulled in an impressive $1.7 billion in adjusted EBITDA and hit $6.4 billion for the whole year. How did they do it? Well, thanks to strong prices for steelmaking coal and copper, along with selling more steelmaking coal. They also made $694 million in profit from continuing operations before taxes in Q4 2023, and raked in $3.9 billion for the year.
3. Barrick Gold Corporation (NYSE:GOLD)
2023 Revenue: $11.40 billion
Barrick Gold Corporation (NYSE:GOLD) is representing as a top-notch gold and copper player in the mining scene. Their portfolio covers the hottest gold and copper areas globally, all about snagging those high-profit, long-life assets.
In February 2024, Barrick Gold Corporation (NYSE:GOLD) was all about that projection game – eyeing up a boost in gold production for 2024 after crushing it in the fourth quarter on the back of solid gold prices and output. Their U.S. listed shares? Well, they shot up almost 2% before the market woke up when the world’s second-biggest gold producer spilled the beans on a juicy new share buyback plan worth up to $1 billion. Barrick’s aiming high for 2024, looking to produce between 3.9 million and 4.3 million ounces of gold this year, a step up from their 4.05 million ounces in 2023.
2. Newmont Corporation (NYSE:NEM)
2023 Revenue: $11.78 billion
Oh, Newmont Corporation? Newmont Corporation (NYSE:NEM) are a big deal in the mining world, based out of Greenwood Village, Colorado, and known for their massive gold operations worldwide. Since kicking off in 1921, they’ve been digging up gold in all sorts of places like Nevada, Colorado, and even across the globe in spots like Ghana and Australia. Just last November, Newmont wrapped up snagging Newcrest Mining Limited, making them a major player with a strong copper arm as well.
After sealing the deal, Newmont Corporation (NYSE:NEM) are eyeing some serious wins: aiming for around $500 million in pre-tax synergies within 24 months and a cool $2 billion in cash improvements from some smart portfolio moves. In addition to all their big moves, Newmont wasn’t shy about giving back – they dished out a hefty $1.4 billion in dividends to their shareholders in 2023.
1. Nutrien Ltd. (NYSE:NTR)
2023 Revenue: $29.06 billion
So, Nutrien Ltd. (NYSE:NTR), rocking out from Saskatoon, Saskatchewan, holds the heavyweight title as the top soft rock miner and potash producer globally. With a whopping 20 million tonnes of potash capacity spread across their six top-tier mines in Saskatchewan, Nutrien Ltd. (NYSE:NTR) pretty much the kings of the potash game. Not to mention, they’ve got prime reserves and all their expansion projects up and running, setting them up nicely to cater to the world’s long-term potash hunger.
In 2023, they pulled in some pretty solid numbers – net earnings of $1.3 billion, with $2.53 per share, and an adjusted EBITDA of $6.1 billion, or $4.44 per share. Sure, those figures took a bit of a dip from their record-breaking 2022 hauls, mainly because of lower selling prices across the board and some softer numbers from Nutrien Ag Solutions. But hey, Nutrien’s still a force to be reckoned with in the mining world!
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Disclosure: None. 12 Biggest Canadian Mining Companies is originally published on Insider Monkey.
