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Value of natural resource assets
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The value of Canada's timber, energy, and mineral resource assets rose 5% in 2007 to almost $1.3 trillion. This amounted to over 18% of Canada's total wealth including natural resources. The value of the individual resource assets showed mixed growth, with timber declining by more than 4%, energy remained almost constant, and minerals increased by more than one-third.
The value of energy assets increased just slightly in 2007 to $735 billion, with gains in the value of crude bitumen and crude oil assets offset by declines in natural gas and coal.
Crude bitumen (also known as tar sands) increased by over 7% in value, reflecting its increasing economic importance. It alone accounted for almost half of the value of all energy assets and more than one-quarter of the value of all natural resource assets. High oil prices and increases in the reserves under active development more than offset substantial increases in operating and capital costs for crude bitumen extraction.
The value of conventional crude oil reserves increased by nearly 4%, mainly as a result of higher prices, which more than offset increased production costs. In comparison, the value of natural gas reserves fell 10% as a result of lower prices and increased production costs.
The value of mineral assets increased by more than one-third to $273 billion. This substantial gain can be attributed to price increases, notably the price of uranium and lead, which more than doubled. Most other minerals registered double-digit price increases. Mineral assets represented just over one-fifth of total natural resource value in 2007, up almost five percentage points from 2006.
The value of timber reserves declined by more than 4% in 2007, following a similar decline in 2006. Lumber export quotas to the United States, the strong Canadian dollar and weak demand for lumber in the US housing market likely accounted for much of the decrease.
Available on CANSIM: tables 153-0001 to 153-0008, 153-0010 to 153-0030 and 378-0005.
Definitions, data sources and methods: survey number 5114.
For more information, or to enquire about the concepts, methods, or data quality of this release, contact Joan Forbes (613-951-1801) or the Information Officer (613-951-0297; fax: 613-951-0634; environ@statcan.gc.ca), Environment Accounts and Statistics Division.
Table(s).
