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HomeNewsBC Mining Continuing to Struggle Against Low Commodity Prices

BC Mining Continuing to Struggle Against Low Commodity Prices

Revenues continued to tumble for BC mines in 2015, while the sector lost over 1000 jobs.

An annual report on the industry from Price Waterhouse Coopers pins the decline on low commodity prices. Gold, copper, coal and several other minerals saw their value yet fall again last year.BC Mining Employment_05_01_2016

But PwC BC Mining lead Mark Platt says developing countries in Asia and India will pull demand back up in the long term.

He added that the BC mining industry is resilient and not going anywhere any time soon.

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“Even if your car runs on wind power, it’s still going to have a lot of metal in there. So my sense is that the industry is here to stay, we will come out of this trough at some juncture although I can’t say exactly when.”

While multiple mines in Northern BC have suspended operations in recent years, Platt pointed to the Blackwater project near Vanderhoof and Brucejack project north of Smithers as proof of a relisant sector.

He said the Brucejack mine which should see a 2017 opening, will close to double BC gold production.

On the short term, the report found that falling commodity prices appeared to have bottomed out, giving a possible light at the end of the tunnel for laid off workers across Northern BC.

(Files from Colin Dacre with MY PRINCE GEORGE NOW)

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