BC mining industry climbing out of dark hole – Vancouver Sun
While B.C. miners face an uncertain future, it pales in comparison with the challenges of the global industry, which saw its profits crushed in 2013, according to a new report from accounting and consulting firm PwC.
The world’s top 40 mining companies lost $280 billion in capital value on stock markets last year and profits, at $20 billion, down 72 per cent, representing the lowest level in a decade, the report states.
Canadian companies account for eight of the top 40 companies in the global survey, including Vancouver-based heavyweights Goldcorp. Inc., Teck Resources Ltd. and First Quantum Minerals Ltd.
“I think we’ve hit the bottom, and we’re starting to crawl out,” said James Gravelle, leader of PwC’s global mining practice.
Looking at first-quarter financial results for the companies that have reported, mining firms are starting to see firmer profits and improved stock values, he added. This is the result of cost cutting and rationalizing within the industry in recent months, according to Gravelle.
