Optimism returns to B.C.’s mining sector as revenues rise

B.C.’s mining industry was upbeat in 2017, as prices for most metals and minerals produced in the province continue to steadily recover from multi-year lows. Although most commodity prices remain below the record highs seen in 2011, the recent increases are part of an upward trend in the mining cycle, according to a PwC Canada report.

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Strong performance for the sector in 2017 meant higher prices—leading to a 35% increase in gross revenue from mining operations across the province. Gross mining revenue from B.C. operations came in at CA$11.7 billion in 2017, compared to CA$8.7 billion in 2016.

“Confidence has returned to the B.C. mining industry,” said Mark Platt, B.C. mining leader at PwC Canada, in a release. “Commodity prices have increased and we haven’t seen such positivity since the recovery following the 2008-09 global financial crisis. We are cautiously optimistic that the worst is behind us and that the industry will continue to recover.”

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The report also highlights some of the opportunities and challenges for the mining sector, which is a key contributor to the B.C. economy and Canada’s GDP. The industry is well positioned as a key producer and supplier in the new low-carbon economy, with B.C. producing metals and minerals used in, or that are instrumental in producing components for, everything from wind turbines to electric vehicles.

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