Gold Mining Companies Canada
Canada is known as one of the most productive gold mining countries in the world surpassed only by the USA, Australia and South Africa. In 2003 Canada consisted of 330 gold mines that produced 140,529 kg of gold. These mines were responsible for 90% of production. Many of the gold mines in Canada have shut down due to the low price of gold. Production occurred from base metal products and other placer workings.
In 1992, there were over 50 gold mines in Canada but ten years later only 30 mines remained in Canada. Over the past two years, nine mining sites have shut down. This reduction in the number of gold mining productions is expected to continue in the coming years. Between 8 to10 mines were closed by 2005 when Canada’s economic reserves reduced. The expansion of already existing mines could compensate for the loss of 5 tonnes of gold. The gold mines primarily produce 92.5% of gold in Canada. Base metal mines produces 6% and placer mines produce 1.5% which is the remainder of gold produced in Canada. Most of these Canadian gold mines are highly productive underground sites. In fact, they are some of the lowest production mines in the world.
Barrick, TVX Newmont Americas (TVXNA) and Placer Dome are major companies that currently produce gold in Canada. Kinross Gold, Newmont, Miramar Mining and Cambior are also large producers of gold. Base metal mines in Canada produce gold as a by product of their industry. Homestake and Barrick merged to form one of the largest gold producing companies in the world.
Placer Dome produces Musselwhite and Campbell gold mines which are located in Ontario. Placer Dome owns and operates these mines with the exception of the Musselwhite Mine which TXV Newmont owns a certain percentage of. The Dome mine has been mining gold since 1910. Kinross gold and Placer Dome agreed to the merger of the two companies in 2002 and started production in the Dome mine within Porcupine camp. Campbell mine, which is entirely owned by Placer Dome, had an increased production of 1900 oz from 2002 to 2001.
Campbell and Musselwhite are expected to produce over 2 oz of gold through their gold production sites. Apart from owning part of the Musselwhite Mine, TVXNA had invested in a 50% share in the New Britannia Mine which is in the north of Manitoba. The rest of the company is owned by the High River Gold Mines. After gold production commenced in 1996, a total of 114,500 oz of gold was mined in 2001.
Aurizon, a well known gold explorer and producer in Canada, operates many mining sites in one of the world’s most fruitful base metal and gold mining areas- the Abitibi area of Quebec in the north-west of the city. Aurizon owns and operates 100% of the Casa Berardi Mine and also has a 50% share in the Sleeping Giant Mine.
The Beaufor Mines ore reserves have increased by 15% by extending its primary ore body even further. Louvem Mines bought 50% of Aurizon’s interest and also own 50% of shares within the Beaufor mines.
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