Rock On: The Mining Industry in British Columbia 2009

Released May 12th, 2010

British Columbia’s mining industry reported pre-tax net earnings of $2.3 billion during 2009 in spite of the worldwide economic slowdown, according to PricewaterhouseCoopers (PwC) report, The Mining Industry in British Columbia—2009. The earnings of $2.3 billion declined from the all-time record of $3.2 billion reported in 2008, but remain at historically high levels. The 2009 financial results for BC’s mining industry are very similar to those seen in 2007, which was a record year itself. The industry weathered the global economic downturn better than most, but BC mines were faced with lower shipments and weaker prices across the board in 2009 due to a drop in overall economic activity just about everywhere. Coal, which dominates BC’s mining sector, experienced a 24% decline in volumes shipped and prices fell by almost half.

BC’s mining sector contributed $5.7 billion to the provincial economy in 2009. Overall employment maintained 2008 levels of approximately 7,600 jobs. The mining industry paid out $851 million in salary and benefits last year, with the average salary at $110,800, down slightly from the previous year.

PwC’s 2009 survey summarizes the year-over-year financial information of 41 participants with operations in BC: 17 operating metal and coal mines; the Trail smelter; 13 operations in the permitted or active permitting stage; three mines in the reclamation stage; and seven advanced exploration stage properties. PwC has been compiling this annual survey of the BC mining industry for 42 years. 

This report and appendices plus previous annual reports available on PricewaterhouseCooper's website.