Impressive financial performance spurs surge in mining investments

by Keith Powell
Mine workers.

Renewed enthusiasm in the mining industry, thanks to the upswing in the mining cycle, has boosted exploration spending by Canadian-based companies. — Photo courtesy PwC (PricewaterhouseCoopers)

According to PwC's Mine 2018 report, Canada's largest mining companies are leading the pack for exploration investments. Renewed enthusiasm, thanks to the upswing in the mining cycle, has boosted exploration spending by Canadian-based companies by 31% from CA$473 million in 2016 to CA$620 million in 2017, more than doubling the average increase of the Top 40.

Canadian Top 40 miners are also standing out among their global peers for their advances in digital innovation. Strategic partnerships are helping companies to keep pace with advancements in technology and become market leaders. For example, Canadian companies are partnering with startups to create programs that accelerate planning by turning data into an immersive visualization of a mine's complete lifecycle. This type of technology innovation is a game changer for the Canadian exploration market, enabling organizations to plan entire operations without even leaving the office.

"Last year was a remarkable year for Canadian miners with significant increases in exploration spending. Overall, the sector continues to prioritize digital transformation efforts, focusing on increasing efficiency, enhancing safety and mitigating cybersecurity risks. A heightened focus on innovation, technology and efficiencies shows we're moving toward the goal of creating sustainable, long-term value," says Liam Fitzgerald, National Mining Leader, PwC Canada.

Similar to last year, the report also shows that Canadian companies are ahead of their global  counterparts for their diversity efforts at the leadership level, with women now accounting for 25% of directors among Canadian miners, compared to 19% among their global peers. While the Top 40 companies nearly matched the Canadian year-over-year increase in boardroom representation by women, Canada still leads the global group as a whole.

To access the report, please click here.

About PwC Canada

At PwC, our purpose is to build trust in society and solve important problems. More than 6,700 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 236,235 people in 158 countries. Find out more by visiting us at www.pwc.com/ca.

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