The mining industry in British Columbia in 2018
It has been a busy time for the mining industry across the province, particularly given recent merger and acquisition activity. While a slow, steady turnaround appears to be underway after an extended period of depressed prices, the optimism is somewhat tempered by economic and regulatory concerns.
Our 51st annual report looks at some of the opportunities and challenges for the mining sector—a key contributor to the economy of both British Columbia and Canada.
"The long-term growth and sustainability of our industry is critical to not only our local communities and domestic economy, but also to the global transition towards a lower carbon future."
This year’s report includes an article on the continuing regeneration of the Golden Triangle area, which has been a significant contributor to the BC mining industry over the years, particularly in terms of gold and silver production. The article features the progress Ascot Resources is making in this area with its projects, as well as its role in boosting economic activity in the southern part of the Golden Triangle.
Prices of most metals and minerals produced in the province continue to steadily recover from multi-year lows. While prices of most commodities are still below the highs achieved in 2011, the recent increases are part of an upward trend in the mining cycle.
Higher prices led to an increase in revenue and operating cash flows generated at mining companies across the province in 2018. The industry continues to emphasize its role as a key contributor to the BC economy, including as a major source of employment and as a major contributor to government coffers.
Photo courtesy of Teck
We also acknowledge the importance of technological advancement and innovation in the mining industry and focus on some of the exciting partnerships being forged by Teck Resources to help improve safety, sustainability and productivity at its operations.
Confidence is returning to the global mining industry, and this is mirrored by BC companies. Not only are revenues, profits and employment numbers up, but the mining sector will be a key player as the world transitions to a low-carbon economy.
While there will always be challenges, including commodity price volatility, cost pressures and the need to be competitive to attract investment, the future looks positive.