Introduction
Canada has a significant mineral resource base, and these minerals' mining, processing, and exporting are vital to the country's economy. The mining industry in Canada is a global leader in the extraction of a wide variety of minerals, including uranium, zinc, nickel, potash, asbestos, sulphur, cadmium, titanium, and others. They also generate a lot of gold, copper, silver, lead, and many types of ferroalloys. In this we will discuss a few of the biggest Canadian mining companies.
Barrick Gold Corporation
Barrick Gold, headquartered in Toronto, is the largest mining company in Canada, largely thanks to its $5.4 billion purchase of Randgold Resources in 2018. Barrick Gold, the world's second-largest gold miner, with operations in the Americas, Australia, Africa, and the Middle East, was ranked eleventh on PricewaterhouseCoopers' 2019 list of the Top 40 global mining firms by market capitalization. The company employs 21,000 people and generates $12.6 billion in annual revenue. Barrick's gold output in 2018 surpassed 4.53 million troy ounces, and the company possesses several massive, untapped gold mines.
Nevada Gold Mines LLC was formed in 2019 due to a joint venture (JV) between Barrick Gold and Newmont Goldcorp of Colorado. Barrick Gold owns 61.5% of the company, while Newmont Goldcorp owns the remaining 38.5%. The three top-tier gold assets in the world are all located within this joint venture, making it one of the largest gold-producing complexes in the world. According to Bloomberg, Barrick has a market valuation of $57.29 billion.
Nutrien Ltd. (NTR.TO)
Providing potash, nitrogen, and phosphate products to the global agricultural, industrial, and feed markets is what Nutrien does best as a crop nutrient business. The business also offers agronomic services and distributes agricultural fertilizers, crop protection goods, seeds, and items to farmers. Nutrien's shares can be found on the NYSE as a publicly traded company under the symbol NTR.
Mines Agnico Eagle (TSX:AEM,NYSE:AEM)
In 2018, Agnico Eagle Mines will be commemorating 60 years in business. Currently, the company operates eight mines in Canada, Finland, and Mexico, in addition to exploration projects in those countries, the United States and Sweden. The company has taken a step toward getting the social licence from the community by signing an Inuit Impact and Benefit Agreement. The Whale Tail gold project is located in Nunavut, 50 kilometres northwest of the company's Meadowbank mine, and is directly related to the deal. To date, in 2018, the TSX share price of the company is $56.88, an increase of 0.76 percent. After finishing at number 28 in 2015, Agnico jumped one rank to number 27 in 2016 on PwC's list.
Teck Resources Ltd.
Teck Resources of Vancouver, British Columbia, is Canada's largest diversified mining business. PwC's 2019 ranking of the Top 40 global mining firms shows that the 110-year-old firm employs 10,000 people and has a 2019 revenue of $11.9bn, has moved up two ranks to No. 14. Teck is a mining and mineral development firm that operates in Canada, the United States, Peru, and Chile. Copper, zinc, electricity, and coal used in creating steel are only a few of its many products (the largest producer in North America).
Teck is the world's second-largest producer when it comes to shipping steelmaking coal by sea. Teck Resources also extracts rare metals and metalloids from the earth, such as indium and germanium. Teck Resources' capability to extract metallurgical coal in British Columbia has doubled thanks to its new partnership with Ridley Terminals Inc. With the recent $2 million purchase of SunMine, the company will be able to more fully utilize solar power in its day-to-day operations. According to Bloomberg, the company has a market worth of $8.15 billion on the Toronto Stock Exchange.
Potash Corporation of Saskatchewan (TSX: POT, NYSE: POT)
If the pending merger between PotashCorp and Agrium goes through, the company will be an agricultural powerhouse worldwide (TSX: AGU, NYSE: AGU). Transaction closing is anticipated during the third quarter when the combined entity will be known as Nutrien. Five mines are in Saskatchewan and one in New Brunswick for PotashCorp. This company is the proud owner of three nitrogen production plants in the United States.
More money should flow into material-centric businesses like potash producers after the Bank of Canada raised interest rates by 0.75 percentage points on July 12. This is according to Bloomberg. On the strength of the increase, copper and gold equities may also do well. This year, PotashCorp's share price on the TSX has decreased by 10.33%, closing at $21.78. The company fell from 2015's ninth spot on PwC's ranking to 2016's thirteenth spot.
Conclusion
A company's income isn't the best indicator of its health because it doesn't account for the future potential of its operations. Due to the intimate nature of our Top 40 cutoff, we have also included a runners-up table to spotlight those companies doing well in terms of revenue. You should also check over our unaltered Top 40 eligibility standards. The fluctuation in the dollar value relative to other currencies is the primary cause of the reported revenue gap between this year and the previous. Remember that cash flow from operations is determined during comparisons after working capital adjustments.
