The British Columbia mining industry posted strong financial results for 2007, driven by base metals prices and continuing strong global demand. According to the latest PricewaterhouseCoopers (PwC) report, The Mining Industry in British Columbia — 2007, while net earnings of $1.2 billion in 2007 were down 48% from an unprecedented high of $2.3 billion in 2006, results were still very positive, and shareholders were rewarded with dividends of $635 million.
The survey found that the lower 2007 average coal price of US$80 per tonne, down 26% from the previous year, and a 10% reduction in total coal shipments were major factors in lower revenues and earnings.
PwC's survey summarizes the 2007 year-over-year financial information of 19 operating metal and coal mines, one smelter, eight operations in the permitted or active permitting stages, six mines in the reclamation stage and six advanced exploration stage properties. The 2007 survey had 40 participants, compared to 42 in 2006.
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