Canada Takes Top Spot In Global Mining’s Exploration Budget — PwC Report
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Canada was the clear leader when it came to mining exploration last year, reporting the biggest budget than any other country, PricewaterhouseCoopers (PwC) said in its Mine 2017 report.
“Exploration dollars poured into Canada at a faster rate than anywhere else in the world last year,” the report said.
Overall, the country attracted 14% of the total global exploration budget, ahead of Australia with 13% and the U.S. with 7%. On the other hand, Africa suffered one of the biggest declines. “The entire continent absorbed only 13 percent of global spending in 2016,” according to PwC.
The report is based on the financial performance analysis of the Top 40 mining companies ranked by market capitalization.
“As the global mining industry is moving out of a challenging time into a period of recovery, it is very encouraging to see Canada as an international mining leader in a variety of areas,” said Liam Fitzgerald, National Mining Leader at PwC Canada.
Six Canadian mining companies made the global Top 40 list, with their aggregate market valuation surging by 46% in 2016, the report also pointed out.
The companies included Barrick Gold, Potash Corporation of Saskatchewan Limited, Goldcorp Inc, Teck Resources Limited, Agnico Eagle Mines Limited, and First Quantum Minerals Limited.
“Canadian mining companies' reaped the benefits of the industry's commitments through the realization of rising valuations that kept pace with their international counterparts,” PwC said.
Canada also had a top spot in equity financing in 2016, with the Toronto Stock Exchange (TSX) and TSX Venture Exchange generating 57% of global financings during the year, according to the TMX Group and S&P Global Market Intelligence.
Companies, such as Goldcorp and Barrick Gold were highlighted as technology leaders, embracing new ways of mining and digitalization.
In terms of commodity prices, the report noted that gold was up up 15%, copper rose 27% and nickel advanced 13% in 2016.