The province is host to high quality metal, non-metal and industrial mineral products sold nationally and internationally. The latest forecast is that the total gross value of mineral shipments will be near $3.8 billion for 2014. This is up slightly from the estimated 2013 value of nearly $3.7 billion.
Iron ore, nickel, and copper are the most significant contributors to our minerals industry. Production also includes gold, cobalt, silver, zinc, peat, and industrial minerals.
The minerals industry in Newfoundland and Labrador continued to grow in 2013, with expansion at existing operations and new developments in progress. As in recent years, advances in the iron-ore sector dominated the industry, and despite the decline in gold prices, major gold projects on the Island remained active. However, the shortage of financing available for early stage exploration projects has led to some consolidation in the junior sector. Exploration spending in the Province is estimated to have decreased slightly to about $181 million in 2013.
The Department of Natural resources continues to provide financial assistance programs to support and encourage mineral exploration in Newfoundland and Labrador. The budget for the Junior Exploration Assistance program (JEA) was s $2.2 million for the 2012-13 fiscal year. This funding is designed to finance 50% of approved eligible costs, to a maximum of $100,000 per undertaking on the Island of Newfoundland and $150,000 for Labrador-based projects. Junior mineral exploration companies must be registered to do business in the province to take advantage of these funds.
Prospectors Assistance is a provincially funded program which provides training and direct financial support to individuals and is designed to encourage and promote development of the mineral-prospecting industry and the discovery of wealth-generating mineral deposits. The program has two components: Prospector Training and Prospecting Grants.
The links on the right lead to information about the provincial mineral potential and investment opportunities, as well as the many ways in which the province attempts to mitigate your mineral investment risks: our geoscience information, our land tenure system, our competitive industry assistance programs and other regulatory issues under the jurisdiction of the Mines Branch.
These and other materials and resources (including technical reports and maps, an interactive resource atlas, databases, and real-time mineral tenure information) are available on-line and via ‘traditional’ over-the-counter services to the mining and mineral exploration industry.
Note: all links below are PDFs and will open in a new window
Mining in Newfoundland and Labrador: Overview (2013)
Metal Mines, Projects in Development and Advanced Exploration (2014)
Exploration and Development Highlights (2013)
The Island of Newfoundland: An Emerging Gold District
Newfoundland and Labrador GeoScience OnLine
The Department of Natural Resources, Mines and Energy Branches
Newfoundland and labrador Propsectors Association
Mining industry NL
The Frazer Insitute Survey of Mining Companies: 2012-2013
Taylors Pond Gold Prospect | Ghost Pond Gold & Copper Project | Turner Ridge Lead - Zinc Project | NL Uranium