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Mining revenue in British Columbia dropped 14% last year –

by ahnationtalk on May 6, 2015479 Views

May 5, 2015

For the second consecutive year weak commodity prices hurt the mining industry in Canada’s British Columbia, with net income before taxes for miners operating in the province tumbling from $1.4 billion in 2013 to only $288 million last year.

According to a new report released today by PwC, the continued drop in the price of key metals and minerals for B.C., particularly metallurgical coal and copper, led to reduced revenues and margins.

Mining revenues fell to $8.2 billion in 2014, compared to $8.5 billion the previous year, while spending sank as companies continued to hunker down and weather the ongoing market volatility. Capital expenditures, for example, dropped to $1.5 billion, compared to $1.8 billion in 2013, the report shows.

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