Issue link: http://resourceworld.uberflip.com/i/832998
24 www.resourceworld.com J U N E / J U L Y 2 0 1 7 The participants included such well- known companies as Teck Resources, New Gold, Copper Mountain Mining, Imperial Metals, Taseko Mines, Centerra Gold, Pretium Resources and Seabridge Gold. While some are hesitant to call it a recovery, the outlook is certainly better than the four-year downturn that ended at the end of 2015. Mining projects are advancing and reopening and investment is returning to the sector. The PwC survey observed that gross revenues among the participants was up in 2016 compared to 2015 as well as cash flow from operations and capital expendi- tures. For example, gross mining revenues for 2016 totalled $8.7 billion compared to $7.7 billion the previous year. Net mining revenues came in at $7.3 billion – up from $6.3 billion in 2015 – driven by higher revenues at Teck's BC coal mines as well as Imperial Metals' Red Chris and Mount Polley mines. Capital expenditures among the participants totalled $1.4 billion com- pared to $1 billion in 2015. During 2016 there was a drop in explo- ration and development expenditures, which fell to $102 million among survey participants in 2016, compared to $320 million in 2015. Although this number appears to be concerning, the majority of the decrease was the result of the Pretium Resources Brucejack Mine project advanc- ing out of exploration and evaluation and into construction. This helped drive an annual increase in capital expenditures, as the mine moved forward in the year. The Brucejack Mine will be in production this year. The report addressed a number of chal- lenges that remain, including the volatility of commodity prices, keeping costs down, and attracting more investment dollars in both the short and long term; however, looking ahead, the future is "promising". PwC survey optimistic on British Columbia mining sector PricewaterhouseCoopers LLP (PwC) recently released its 49th Annual British Columbia Mining Report that indicated a renewed optimism. Based on comments from 28 partici- pants which included 14 operating mines, three projects in the exploration stage, nine in the permitting or environmental assessment stage, one smelter operation and one in the care and maintenance stage, the participants noted commodity prices have been stabiliz- ing and increasing in some cases.