Comment: Gold is tariff-proof. Canada has $11 billion a year of it stuck in permitting - The Northern Miner

AI desk brief

Canada’s gold sector is positioned as tariff-proof and potentially a major near-term supply unlock, but permitting delays remain the binding constraint. The excerpt says 15 Canadian gold development projects with feasibility/prefeasibility studies and no construction decision hold 36.6Moz of reserves and could produce about 2.5Moz/yr at steady state, a 35–40% lift over current Canadian output, with projected life-of-mine gross metal value of roughly US$146bn at US$4,300/oz.

The piece argues that gold is unusual among Canadian exports because bullion enters the U.S. duty-free and can be refined/sold into London and Zurich at the same price the same day. On its assumptions of US$1,800/oz costs and US$4,300/oz gold, the projects could generate about US$2.4bn/yr in combined federal/provincial taxes and roughly US$33bn over mine lives, but first pours are mostly delayed to the late 2020s and early 2030s because Canada’s mine permitting remains exceptionally slow.