BMO Sees Stronger Mining Investment Growth in Canada

Mining News | 2026-09-16 06:02:16 | By Paul Ploumis

BMO also highlights Canadian pension funds as a potential source of domestic capital.

Summary

Canada Targets Greater Mining Investment
Canada’s mining sector could attract substantial new capital as global demand for critical minerals grows. The federal government has identified critical minerals as a priority under its plan to attract C$1 trillion in investment over five years.
Mining Projects Reach C$120 Billion
Companies had approximately C$120 billion of projects listed in Natural Resources Canada’s 10-year Major Projects Inventory as of 2025. This was C$50 billion higher than the 2018 outlook, although still below the previous cycle’s peak of about C$220 billion.
Mining Capex Expected to Accelerate
BMO forecasts Canadian development capital expenditure to rise by more than 11% annually over the next two years. Mining companies covered by the bank could spend around C$350 billion on operating costs, sustaining capital and growth projects in Canada over the next five years.

SEATTLE (Scrap Monster): According to BMO Global Metals & Mining, Canada’s mining industry could attract significant capital investment, primarily driven by the growing demand for critical minerals.

The outlook comes as Canada seeks to attract C$1 trillion in investment over five years through the Canada Investment Summit. Critical minerals are among the sectors the federal government has identified as priorities for new investment. Incidentally, Canada is the world’s largest potash producer, second-largest uranium producer, fourth-largest gold producer and aluminum refiner.

Mining Sector Capital Investment Surged 5% in Canada

According to BMO Managing Director Matthew Murphy, companies had about C$120 billion of projects listed in Natural Resources Canada’s 10-year Major Projects Inventory as of 2025. That represents a C$50 billion increase from the 2018 outlook, although it remains below the previous cycle’s peak of roughly C$220 billion.

BMO expects Canadian development capital expenditure to increase by more than 11% annually over the next two years. Mining companies covered by the bank could collectively spend about C$350 billion on operating costs, sustaining capital and growth projects in Canada over the next five years.

BMO also highlights Canadian pension funds as a potential source of domestic capital. It noted that greater investment could help finance mining infrastructure and downstream processing while supporting new resource development.