Regional Spotlight Series: Newfoundland and Labrador
Newfoundland and Labrador, Canada’s easternmost point, is known for its stunning natural landscapes, abundant resources, and strategic location. Surrounded by the Atlantic Ocean, the province is rich in natural resources and offers significant investment opportunities in key industries such as energy, ocean technology, health technology, aerospace and defence, and mining—including critical minerals, making it an attractive destination for foreign investments.
Foreign Direct Investment (FDI) Attraction
The province boasts a wide array of unique assets that positions it as a top destination for investment:
- Clean energy with over 90% of Newfoundland & Labrador’s energy generation coming from renewable sources.
- At least 27 of the 34 minerals that Canada has deemed Critical, with exploration ongoing.
- Ice-free deep-water seaports that facilitate export from and imports to Newfoundland and Labrador.
- The second-highest percentage of young science, technology, engineering and mathematics (STEM) graduates aged 25–34 in Canada.
- A range of business incentives and programs including Newfoundland and Labrador’s Investment Attraction Fund, the Job Accelerator and Growth Program (JAG), and some of the highest R&D incentives in the nation.
- An abundance of opportunity for projects, with 350,000 square kilometers of a government-owned (crown) land for development and 29,000 kilometers of coastline.
- Unparalleled access to global markets: the province’s time zone enables overlapping business hours with Europe, North America, and Central America, facilitating international operations.
“Newfoundland and Labrador is ranked as one of the top 10 mining jurisdictions globally with a transparent and well-defined regulatory process in a secure and politically stable jurisdiction that is innovative, inclusive, and environmentally and socially responsible with a proven track record of world class mineral discoveries and developments. The demand for critical minerals is rising across the globe amidst the transition to the green economy.”
— Andrew Parsons, Minister of Industry, Energy and Technology, Government of Newfoundland and Labrador
Featured Opportunity
A recent expression of interest for the Julienne Lake iron ore deposit highlights the province’s focus on high-purity iron ore, a key feedstock for green steel manufacturing and designated as a critical mineral in Newfoundland and Labrador. The Labrador Trough, home to the Julienne Lake deposit and established mining operations, like Tacora and Rio Tinto that produce over 30% of Canada’s iron ore, is known for its exceptionally pure deposits, positioning Newfoundland and Labrador as a major player in the global energy transition.
“Julienne Lake high-purity iron ore is positioned to play a critical role as a new strategic feedstock for green steel manufacturing to support global demand for decarbonized steel and Newfoundland and Labrador is well-positioned to maximize this opportunity to secure economic and social benefits for the province. By exploring the potential of Julienne Lake, which represents a very rare and unique opportunity, we are providing further potential for economic development in this province and doing our part to support the global green transition.”
— Andrew Parsons, Minister of Industry, Energy and Technology, Government of Newfoundland and Labrador
Vale Base Metals boasts world-class operations in Newfoundland and Labrador, featuring three fully integrated sites that encompass mining, milling, and processing activities. These include a corporate office in St. John’s, a mine in Voisey’s Bay, Labrador, and a state-of-the-art processing facility in Long Harbour. These operations highlight Vale Base Metals’ commitment to excellence and innovation in the region.
Nickel concentrate from the remote Voisey’s Bay mine site - one of the largest nickel deposits in the world - is transported by ship to the Long Harbour Processing Plant, where it is refined into low-carbon and high-purity nickel rounds, cobalt rounds, and copper cathodes. The plant uses hydrometallurgy, a process that reduces greenhouse gas emissions, lower costs, and increases the recovery of valuable byproducts such as cobalt. On average, the operation produces 35,700 tonnes of nickel, and 17,800 tonnes of copper annually.
As the Voisey's Bay development is located on the traditional lands of the Labrador Innu and the Nunatsiavut Inuit, Vale negotiated Impacts and Benefits Agreements (IBAs) with both groups. These agreements include employment and training commitments for Innu and Inuit and give priority to Indigenous businesses for goods and services contracts. About 80% of support contracts at Voisey’s Bay mine are with Indigenous businesses. Cultural awareness training is mandatory for all employees on site, and traditional knowledge is incorporated into environmental programs.
Over the past 15 years, Vale has made a significant impact in the region, investing $10.8 billion in capital costs. The company is proud to support many cultural, community, health and education initiatives through sponsorships, donations and scholarships. There are currently 4,000 people employed within the operations and projects team across the province. Voisey’s Bay is currently transitioning from an open-pit-only operation to two new underground mines.
Vale’s low carbon products are essential for the global energy transition. Electric vehicles, solar panels, and energy storage are key technologies in the fight against climate change and rely on critical minerals. Vale is a supplier of choice for these industries and has partnership with auto manufacturers and battery manufacturers to supply their high-grade nickel.
"Newfoundland and Labrador’s mining industry is intimately engaged in bringing critical metals and mined materials to the world and is unique in its geography, existing infrastructure, friendly investment and governance community, and underscored by a deep mining heritage. We are poised to promote Newfoundland and Labrador’s mineral potential as a top-tier global investment jurisdiction.”
— Amanda McCallum, Executive Director, Mining Industry NL
FDI Impact
FDI has played a key role in driving Newfoundland and Labrador’s economy. Between 2013 and 2023, the province attracted 64 FDI projects with a total estimated $7.49 billion CAPEX. The establishment of several high-profile companies such as Vale and NASDAQ have been significantly boosting the province’s economy. Other than the direct benefit of the job creation, FDI helps in creating and supporting the supply chain associated to each investment.
Statistics Source: fDI Markets and PitchBook, Data Retrieved September 23, 20024
“With its abundant natural resources and leadership in sectors like energy, ocean technology, and mining, Newfoundland and Labrador is a gateway for companies looking to lead in sustainable industries. The province's strengths in exploration and innovation underscores its role as a hub for advancing critical minerals and other key areas. Invest in Canada is proud to champion the province’s advantages, helping both businesses and communities to thrive while contributing to a greener future.” - Laurel Broten, CEO, Invest in Canada
About Newfoundland and Labrador
With over 400,000 square kilometers of land, the province’s mass is larger than many countries, including New Zealand and Germany. Its capital, St. John’s, is the most easterly city in North America. It offers a “downtown” airport situated just minutes from the downtown core with daily flights to Europe (London, Paris and Dublin), as well as many cities across Canada.
Partner Spotlight
The Department of Industry, Energy and Technology (IET) is the lead for innovation, economic development and diversification in Newfoundland and Labrador. To fulfill this mandate, one of the key activities is leading the attraction of companies and investment to Newfoundland and Labrador.
Mining Industry NL is a not-for-profit membership industry association representing all sectors of Newfoundland and Labrador’s $5.5 billion mineral resources industry. As the voice of industry, their mission is to help shape and grow the industry for the economic and social benefit of the province.
Invest in Canada offers tailored services that make investing seamless and efficient—from strategic connections to customized market research and business advisory services. With deep ties to regional partners and a thorough understanding of provincial programs, we guide global companies through every step of their investment process ensuring successful outcomes.