Close to $11 billion a year in gold revenue is stuck in Canada's permitting queue. Fifteen projects, all with published reserves.
They hold 36.6 million ounces and would add around 2.5 million ounces a year, a 35% to 40% increase on Canada's current output.
On S&P Global's sample, Canada is among the slowest countries in the world for mine development, at 27 years from discovery to production.
In five cases the only thing between the owner and a construction decision is one government signature.
Two of the fifteen are on a fast track.
The US 10-year yield at 0.5% in 2020 was a time buy stuff like gold, Bitcoin, commodities. At 5.0% now, It might be the opposite.
Volatility season may be just getting started
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@BBGIntelligence@mining
Copper's long-term case is AI, electrification and new power infrastructure.
Bloomberg Intelligence's Mike McGlone says what is moving it right now is the stock market, and that a 10% equity correction could take copper down 20% to 30%.
Full conversation now on our YouTube channel.
Canada has fallen to 35th in global economic complexity while China has climbed to 10th, Export Development Canada says.
Canada ranked 17th in 1995. China ranked 42nd. South Korea sits third, up from 21st.
EDC says Canada risks a commodity trap, where strong demand for raw materials can reinforce extraction while processing and manufacturing develop elsewhere.
The agency pointed to rare earths, graphite, lithium, copper and uranium as commodities with room for more domestic processing and manufacturing.
A sustained shift into more sophisticated exports could add as much as C$98 billion a year by 2035, across the whole economy rather than mining alone.
Copper prices rose nearly sevenfold between 2000 and 2025. Chilean mine output rose 15% over the same period, Sprott says.
Chile produced 23% of the world's mined copper in 2025. Output fell 6.6% in the first half of 2026.
Cochilco has cut its 2026 forecast to 5.27 million tonnes, below last year's level.
Falling ore grades are expected to cut FY2027 production at Escondida, the world's largest copper mine, by roughly 210,000 tonnes, close to 1% of annual global mined supply.
Copper projects take an average of about 17.5 years to move from discovery to production.
Source: Sprott Copper Report, September 2026
Sponsored: Troilus adds scale, certainty to Quebec mine
@TroilusMining CEO Justin Reid in conversation with The @NorthernMiner video host, @Devan_Murugan.
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