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Oct 08, 2021


Industry News

Canadian miners need to create value as M&As pick up — report


Canadian miners minimized disruption at the start of the covid-19 pandemic by acting quickly and decisively, leaving many in a good position to benefit from rising commodities prices, particularly gold, copper and iron ore.

Over the past 18 months, companies streamlined communications, adjusted on-site work schedules to limit potential exposure, introduced new protective gear, directed technical and support staff to work from home and collaborated with industry associations to share information to better protect people from the virus. They also supported local communities through donations and rapid-testing programs.

This agility helped Canadian miners to benefit from metals prices that begun to rise last year and have generally remained strong in 2021, a new PwC report shows. Canada’s mining sector has continued to thrive after the initial uncertainty of the pandemic gave way to resumed operations and a recovery for commodity prices that has delivered gains to investors throughout much of 2020 and into 2021, PWC reports.

Gold hit record highs above $2,000 per ounce in August 2020 before settling down at an average $1,771/oz for the year, a substantial increase from $1,394/oz it averaged in 2019. The spot price for the precious metal reached a similar level last month —$1,756.95 per ounce.

Read the full report from HERE.