Mining exploration for graphite, lithium and rare earth deposits reached a peak in Quebec in 2022, according to a report from the Institut de la tourisme du Québec.
While spending on mining exploration overall fell by 7.7%, spending on these minerals linked to the battery sector and new technologies doubled in one year, to reach $110 million. The amount is almost seven times higher than in 2020, according to the document entitled Mining investment in Quebec in 2022.
Graphite, lithium and rare earths therefore accounted for around 12% of exploration spending, since the primary interest of mining companies still returns to precious metals like gold, followed by common metals like iron and aluminum. .
Note also that the cost of drilling has increased on average by 9%, according to this report.
Mining investments in 2022 have also increased by 10.9% compared to 2021, which is still far from the strong increase of 52.2% observed in 2021. This new increase is largely due to development work, repair and maintenance of mining complexes.
The vast majority of these expenditures were made in Abitibi-Témiscamingue, followed by Nord-du-Québec and Côte-Nord, then, to a lesser extent, Saguenay-Lac-Saint-Jean, Laurentides and Lanaudière.
Approximately a quarter of expenditures on exploration work were made by Quebec companies, and 63.2% by Canadian companies.