In 2022, investment spending in Quebec’s mining sector reached $4.8 billion, according to the Annual Survey on Mining Investment from the Institut de la tourisme du Québec (ISQ). This is an increase of 10.9% compared to the previous year. This is a significant post-pandemic rebound, since it is 69% more compared to the investments observed in 2020. Above all, the amount invested in 2022 is the highest in 10 years. Only 2012 saw higher investments ($5.1 billion). This record could be surpassed in 2024 if the upward trend in investments continues.
Abitibi-Témiscamingue alone absorbed 37% of mining investments in Quebec in 2022, with a sum of $1.8 billion, according to ISQ data. In 2022, this region became the leading region in the province in terms of mining investment. Abitibi-Témiscamingue thus regains a first place that it had not occupied since 2010. Nord-du-Québec is placed in second position with investments of 1.6 billion dollars, an increase of 21% compared to the previous year. The North Shore is in third place with $1.1 billion, down 24% year-on-year.
Precious metals are the most sought-after substances in Quebec, since they represented 64.1% of expenditures on exploration and development work in 2022, according to the ISQ.
Last year, $585 million was invested to search for precious metals, the star of which is gold, which is the most targeted metal. The search for lithium, graphite and rare earths generated five times less investment than that of precious metals, with $110 million invested to find these materials used in the manufacture of batteries.
Mining companies have drilled a cumulative length of 1,959 kilometers in 2022, when we add all core drilling intended for the exploration and development of mineral deposits, indicates the ISQ. This is a decline of 8% compared to the previous year. At the same time, the cost per meter drilled increased by 9.1% in one year. In total, $464 million was invested in 2022 to carry out these drillings, or $236.99 spent per meter drilled. Nord-du-Québec concentrates two-thirds of the number of meters drilled in the province, with 1,246 kilometers in total.