Canada is one of the most developed and highly economic countries in the world. Working in different sectors, Canada’s Gross Domestic Product(GDP) reached about $1.64 trillion US dollars. The Canadian economy is highly dependent on international trade, its real estate, and its mining sector. The mining sector involves different mining metals like gold, silver, aluminum, and iodine, but copper is the most important. As a great metal in industry and construction because of its exceptional qualities, copper has played a huge role in making the economy of Canada strong and stable.
We recommend reading more about Solaris Resources, a famous Canada-based copper mining company. This article will provide information about copper in generating revenue for Canada.
Mining Sector
Copper has always been a great source of concern for the people of Canada, and it has helped a lot in generating huge revenue for Canada. The commercial start of copper mining started in 1846 at Bruce Mines. In the Precambrian Shield, the mines were developed, and official work started there. Canada made about $126.4 Billion US dollars in 2019. As the world’s fifth-largest copper mining country, Canada’s annual mine production increases 600,000 tons and the refined ones about 500,000 tons.
Copper Trade
As Canada generates most of its economy by exporting and trading things and goods with the increasing demand for copper globally, Canada started trading copper, and in 2019, the exports of copper came out to be $7 Billion US dollars. The exports of copper in Canada have increased thereby. In 2019, Canada exported about 411,031 tons of copper, which increased by 5.8% of copper exported in 2018.
Prices
The price of copper has fluctuated in the last decade. At first, it was about $7,535 US dollars per tonne. The peak was hit in 2011 when it reached about $8,828 per tonne last 2011. After that, there has been a complete decline in the prices. But Canada, having most of the copper reservoirs of the world, produced and mined copper, and it was traded for the best value.
Stocks
Canada’s stock exchange has played an important role in revenue generation. The Toronto Stock Exchange has completely separate stocks for the mining industry. Canada has the tendency to make more money out of the stock exchange and alone from copper stocks.
Conclusion
Canada, as an enriched copper country, has used copper at its expense. You can better understand copper mining and its productivity and how it works by following Solaris Resources, one of the famous copper mining companies in Canada.
Canada has taken its economy to the next level by making progress in the field of Copper mining and trading by generating revenue of about $7 Billion US dollars in 2019. The stock exchange has revolutionized the whole world, but Canada seems to use the stock exchange for its own revenue. The Canadian economy is one of the world’s best economies and hence the most successful one.