After a temporary slowdown in 2014, British Columbia’s top mines are generating 54% more revenue than they did five years ago, according to Business in Vancouver’s Biggest Mines in B.C. list.
In 2017, the province’s biggest mines reported an average revenue of $638 million, $225 million more than the average revenue of $413 million they reported in 2013.
Last year the province’s five largest mines recovered all the losses they experienced over the previous four years. Their revenue grew by an average of 39.8% compared with 2016. That compares with the average revenue decline of 9.2% they suffered from 2013 to 2016.
Four of the five top mines on BIV’s list reported revenue decreases in 2014 compared with 2013, but three of the four – Fording River, Elkview and Line Creek – reported revenue increases in 2015.
Greenhills continued its revenue decline in 2015, with revenue growth changing course in 2016.
The only company that was not affected by the 2014 slowdown was Highland Valley Copper. Its revenue increased. But Highland Valley is the only mine in the top five to report revenue declines over both the one- and five-year periods included on BIV’s list.
While 2017 was a good year for B.C.’s largest mines, it was less positive for smaller mines. The median revenue for the top 10 mines grew 0.4% compared with a median increase of 48.7% for the top five, which suggests that mines lower on the list have seen far less growth than those at the top. •
– Albert Van Santvoort
