Infographic: The Yukon - Where Mineral Potential is Coming of Age
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The Yukon: Where Mineral Potential is Coming of Age

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In a remote corner of Canada’s north lies the Yukon – a territory that is renowned for both its legendary mineral potential and its storied mining history.

But while the Yukon only produced 2.2% of Canada’s gold in 2016, the territory’s considerable potential may finally be getting realized in a big way. In the last few years, globally significant discoveries have been made, and now mining giants such as Barrick, Goldcorp, and Agnico Eagle are making their move into the Yukon to get in on the action.

A Coming of Age Story

Today’s infographic comes from Strikepoint Gold, and it showcases some of the reasons on why the most important chapter in the Yukon’s mining story may just be beginning.

The Yukon: Where Mineral Potential is Coming of Age

Although the Yukon has been known to possess incredible mineral potential for a long time, it is only in the last few years that signs have been pointing towards this being realized in the form of globally significant discoveries, investment from major players, and mines being built.

A New Era in the Yukon

For gold to be produced, it must first be discovered.

The Yukon has been home to many of some of Canada’s most exciting discoveries in the last 10 years. The new project pipeline contains impressive deposits, but even more importantly – it contains some impressive names.

White Gold
Famously found by prospector Shawn Ryan and Underworld Resources in 2008, the White Gold discovery triggered much of the modern interest in the Yukon. Kinross purchased Underworld Resources for C$139.2 million at the height of the gold market. More recently, major Agnico Eagle has bought into the district for C$14.52 million.

Coffee Project
Discovered in 2010, this project is just kilometers away from the White Gold project. It too is based off of Shawn Ryan’s claims. Most recently, Goldcorp bought the project for C$520 million through its acquisition of Kaminak Gold. It currently has 5.2 million oz of gold (M&I + Inf.) in resources.

Casino Project
Currently under environmental review, this massive porphyry deposit owned by Western Copper and Gold could be the largest mine in Yukon history, if constructed. Right now, the deposit has reserves of 4.5 billion lbs of copper, and 8.9 million oz of gold.

Rackla
The only Carlin-style district in Canada, this project is being advanced by ATAC Resources. Recently, ATAC Resources generated headlines with an investment from major Barrick Gold, who put in C$8.3 million while also committing up to a further C$55 million to earn-in 70% of the property’s Orion project.

Eagle Gold
Eagle Gold is on track to become the Yukon’s largest gold-only mine in history. Victoria Gold, the project’s owner, expects its first gold pour in 2019. Currently the mine has 2.66 million oz of gold in reserves.

Major Arrivals

In the last year or so, some of the world’s most prolific gold miners such as Barrick, Goldcorp, and Agnico Eagle have set up shop in the Yukon – and it could be a sign that the territory is close to reaching its ultimate potential as a top tier mining destination.

Here are some of the other reasons that miners and investors are looking northwards:

1. Government Support
The Yukon Government is well-known for supporting prospectors and miners developing projects. Current programs include the Yukon Mineral Exploration Program, which provides a portion of risk capital to help explorers locate and grow deposits, as well as the Fuel Tax Exemption, which makes miners and other off-road industries exempt from fuel taxes.

2. A Rich Mining History
From the placer mining of the famous Klondike Gold Rush, to the mining today in the Yukon – the territory has always welcomed mining. In fact, mining is still the most important private industry today in the Yukon by GDP share (19%).

3. First Nations Approach
First Nations and the Yukon Government have recently championed a new “government-to-government” relationship to ensure that industry, the territorial government, and First Nations are on the same page for mineral projects.

4. Momentum
From Shawn Ryan’s discoveries to the arrival of majors in the region, it has been an eventful decade for Yukon miners. Many expect the best is yet to come.

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Mapped: The 10 Largest Gold Mines in the World, by Production

Gold mining companies produced over 3,500 tonnes of gold in 2021. Where in the world are the largest gold mines?

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The 10 Largest Gold Mines in the World, by Production

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

Gold mining is a global business, with hundreds of mining companies digging for the precious metal in dozens of countries.

But where exactly are the largest gold mines in the world?

The above infographic uses data compiled from S&P Global Market Intelligence and company reports to map the top 10 gold-producing mines in 2021.

Editor’s Note: The article uses publicly available global production data from the World Gold Council to calculate the production share of each mine. The percentages slightly differ from those calculated by S&P.

The Top Gold Mines in 2021

The 10 largest gold mines are located across nine different countries in North America, Oceania, Africa, and Asia.

Together, they accounted for around 13 million ounces or 12% of global gold production in 2021.

RankMineLocationProduction (ounces)% of global production
#1Nevada Gold Mines🇺🇸 U.S. 3,311,0002.9%
#2Muruntau🇺🇿 Uzbekistan 2,990,0202.6%
#3Grasberg🇮🇩 Indonesia 1,370,0001.2%
#4Olimpiada🇷🇺 Russia 1,184,0681.0%
#5Pueblo Viejo🇩🇴 Dominican Republic 814,0000.7%
#6Kibali🇨🇩 Democratic Republic of the Congo 812,0000.7%
#7Cadia🇦🇺 Australia 764,8950.7%
#8Lihir🇵🇬 Papua New Guinea 737,0820.6%
#9Canadian Malartic🇨🇦 Canada 714,7840.6%
#10Boddington🇦🇺 Australia 696,0000.6%
N/ATotalN/A13,393,84911.7%

Share of global gold production is based on 3,561 tonnes (114.5 million troy ounces) of 2021 production as per the World Gold Council.

In 2019, the world’s two largest gold miners—Barrick Gold and Newmont Corporation—announced a historic joint venture combining their operations in Nevada. The resulting joint corporation, Nevada Gold Mines, is now the world’s largest gold mining complex with six mines churning out over 3.3 million ounces annually.

Uzbekistan’s state-owned Muruntau mine, one of the world’s deepest open-pit operations, produced just under 3 million ounces, making it the second-largest gold mine. Muruntau represents over 80% of Uzbekistan’s overall gold production.

Only two other mines—Grasberg and Olimpiada—produced more than 1 million ounces of gold in 2021. Grasberg is not only the third-largest gold mine but also one of the largest copper mines in the world. Olimpiada, owned by Russian gold mining giant Polyus, holds around 26 million ounces of gold reserves.

Polyus was also recently crowned the biggest miner in terms of gold reserves globally, holding over 104 million ounces of proven and probable gold between all deposits.

How Profitable is Gold Mining?

The price of gold is up by around 50% since 2016, and it’s hovering near the all-time high of $2,000/oz.

That’s good news for gold miners, who achieved record-high profit margins in 2020. For every ounce of gold produced in 2020, gold miners pocketed $828 on average, significantly higher than the previous high of $666/oz set in 2011.

With inflation rates hitting decade-highs in several countries, gold mining could be a sector to watch, especially given gold’s status as a traditional inflation hedge.

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The 50 Minerals Critical to U.S. Security

This graphic lists all minerals that are deemed critical to both the economic and national security of the United States.

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The 50 Minerals Critical to U.S. Security

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

The U.S. aims to cut its greenhouse gas emissions in half by 2030 as part of its commitment to tackling climate change, but might be lacking the critical minerals needed to achieve its goals.

The American green economy will rely on renewable sources of energy like wind and solar, along with the electrification of transportation. However, local production of the raw materials necessary to produce these technologies, including solar panels, wind turbines, and electric vehicles, is lacking. Understandably, this has raised concerns in Washington.

In this graphic, based on data from the U.S. Geological Survey, we list all of the minerals that the government has deemed critical to both the economic and national security of the United States.

What are Critical Minerals?

A critical mineral is defined as a non-fuel material considered vital for the economic well-being of the world’s major and emerging economies, whose supply may be at risk. This can be due to geological scarcity, geopolitical issues, trade policy, or other factors.

In 2018, the U.S. Department of the Interior released a list of 35 critical minerals. The new list, released in February 2022, contains 15 more commodities.

Much of the increase in the new list is the result of splitting the rare earth elements and platinum group elements into individual entries rather than including them as “mineral groups.” In addition, the 2022 list of critical minerals adds nickel and zinc to the list while removing helium, potash, rhenium, and strontium.

Mineral Example UsesNet Import Reliance
BerylliumAlloying agent in aerospace, defense industries 11%
AluminumPower lines, construction, electronics 13%
ZirconiumHigh-temparature ceramics production 25%
PalladiumCatalytic converters40%
GermaniumFiber optics, night vision applications50%
LithiumRechargeable batteries 50%
MagnesiumAlloys, electronics 50%
NickelStainless steel, rechargeable batteries 50%
TungstenWear-resistant metals50%
BariteHydrocarbon production75%
ChromiumStainless steel75%
TinCoatings, alloys for steel 75%
CobaltRechargeable batteries, superalloys76%
PlatinumCatalytic converters 79%
AntimonyLead-acid batteries, flame retardants 81%
ZincMetallurgy to produce galvanized steel 83%
TitaniumWhite pigment, metal alloys88%
BismuthMedical, atomic research 94%
TelluriumSolar cells, thermoelectric devices95%
VanadiumAlloying agent for iron and steel96%
ArsenicSemi-conductors, lumber preservatives, pesticides 100%
CeriumCatalytic converters, ceramics, glass, metallurgy100%
CesiumResearch, development100%
DysprosiumData storage devices, lasers100%
ErbiumFiber optics, optical amplifiers, lasers100%
EuropiumPhosphors, nuclear control rods 100%
FluorsparManufacture of aluminum, cement, steel, gasoline100%
GadoliniumMedical imaging, steelmaking100%
GalliumIntegrated circuits, LEDs100%
GraphiteLubricants, batteries100%
HolmiumPermanent magnets, nuclear control rods100%
IndiumLiquid crystal display screens 100%
LanthanumCatalysts, ceramics, glass, polishing compounds100%
LutetiumScintillators for medical imaging, cancer therapies 100%
ManganeseSteelmaking, batteries 100%
NeodymiumRubber catalysts, medical, industrial lasers 100%
NiobiumSteel, superalloys100%
PraseodymiumPermanent magnets, batteries, aerospace alloys100%
RubidiumResearch, development in electronics 100%
SamariumCancer treatment, absorber in nuclear reactors 100%
ScandiumAlloys, ceramics, fuel cells100%
TantalumElectronic components, superalloys100%
TerbiumPermanent magnets, fiber optics, lasers100%
ThuliumMetal alloys, lasers 100%
YtterbiumCatalysts, scintillometers, lasers, metallurgy 100%
YttriumCeramic, catalysts, lasers, metallurgy, phosphors 100%
IridiumCoating of anodes for electrochemical processesNo data available
RhodiumCatalytic converters, electrical componentsNo data available
RutheniumElectrical contacts, chip resistors in computersNo data available
HafniumNuclear control rods, alloysNet exporter

The challenge for the U.S. is that the local production of these raw materials is extremely limited.

For instance, in 2021 there was only one operating nickel mine in the country, the Eagle mine in Michigan. The facility ships its concentrates abroad for refining and is scheduled to close in 2025. Likewise, the country only hosted one lithium mine, the Silver Peak Mine in Nevada.

At the same time, most of the country’s supply of critical minerals depends on countries that have historically competed with America.

China’s Dominance in Minerals

Perhaps unsurprisingly, China is the single largest supply source of mineral commodities for the United States.

Cesium, a critical metal used in a wide range of manufacturing, is one example. There are only three pegmatite mines in the world that can produce cesium, and all were controlled by Chinese companies in 2021.

Furthermore, China refines nearly 90% of the world’s rare earths. Despite the name, these elements are abundant on the Earth’s crust and make up the majority of listed critical minerals. They are essential for a variety of products like EVs, advanced ceramics, computers, smartphones, wind turbines, monitors, and fiber optics.

After China, the next largest source of mineral commodities to the United States has been Canada, which provided the United States with 16 different elements in 2021.

The Rising Demand for Critical Minerals

As the world’s clean energy transitions gather pace, demand for critical minerals is expected to grow quickly.

According to the International Energy Association, the rise of low-carbon power generation is projected to triple mineral demand from this sector by 2040.

The shift to a sustainable economy is important, and consequently, securing the critical minerals necessary for it is just as vital.

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