Investment in Canada’s mining sector to grow with global demand, BMO

AI desk brief

BMO says Canada could capture a larger share of global mining capital as critical-mineral demand, higher development spending and government support drive investment across mines, processing and infrastructure. The bank cites about C$120bn of projects in Natural Resources Canada’s 10-year Major Projects Inventory as of 2025, up C$50bn from the 2018 outlook, and sees annual Canadian development capex rising more than 11% over the next two years.

BMO also estimates its covered mining companies will spend about C$350bn over the next five years on operating costs, sustaining capital and growth projects in Canada. The bank argues more investment is needed in domestic copper smelting/refining, battery precursors and rare earth separation, with infrastructure financing and possible targeted price support potentially required to unlock new districts and downstream supply chains.