Canadian companies are fading from the world’s mining stage, a study says, with the number listed in the globe’s top 40 miners shrinking to six last year from 12 in 2003.

Canada has also been surpassed by Britain as the prime market for mining capital, according to an annual review released yesterday by advisory firm PricewaterhouseCoopers.

“Consolidation in the industry really took its toll in Canada,” said PricewaterhouseCoopers partner Paul Murphy.

Big blows to the Canadian industry last year included Brazil’s Companhia Vale do Rio Doce snapping up Inco, one of the world’s top nickel producers, for $19.35 billion.

Also, Swiss-based Xstrata PLC bought Falconbridge, the second-largest Canadian nickel miner, for $18 billion.

Canadian companies that are still in the top 40 are Agnico-Eagle Mines, Barrick Gold, Cameco, Goldcorp, Kinross Gold and Teck Cominco.

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