Canada—The Mining Capital Capital
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
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