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Canada—The Mining Capital Capital

Graham H. Scott, Proceedings of 57th Annual Rocky Mountain Mineral Law Institute (2011)

Canada dominates the global landscape for publicly listed mining companies. Canadian stock exchanges are home to 58% of the worlds public mining companies.1 In a typical year, over one third of the equity capital raised globally for mining companies is raised in Canada,2 and over 80% of the financings for mining companies worldwide are carried out in Canada.3 In 2010, CDN$17.8 billion in equity was raised in Canada for mining companies,4 and CDN$416 billion was traded on Canadian exchanges in mining company securities.5 This chapter will summarize the historical background as to why a sparsely populated country with a harsh climate came to command such a dominant position in the mining finance world, and will set out how a mining company can become listed on a stock exchange in Canada.
Today, all of the stock exchanges in Canada form part of TMX Group Inc., a publicly traded company itself. TMX combines the successors to the three major Canadian stock exchanges of the last century: the Toronto Stock Exchange, the Montreal Stock Exchange, and the Vancouver Stock Exchange. Of these, the Montreal Stock Exchange is the oldest, having been formed in 1832, a time when Montreal was the commercial capital of [7-3] Canada. The Toronto Stock Exchange (TSX) was formed when 24 traders met in the Masonic Hall in downtown Toronto in 1861, and was formally incorporated by statute in 187