Canada a Global Leader in mining exploration, innovation and diversity
According to PwC's Mine 2017 report, Canada's largest mining companies played a key role in the international mining sector's emerging growth. Canada led the way on equity financing in 2016, with the Toronto Stock Exchange (TSX) and TSX Venture Exchange responsible for 57% of global financings during the year, according to the TMX Group and S&P Global Market Intelligence.
Key factors that contributed to the sector's growth were Canada's international leadership in exploration, commitment to talent diversity and the implementation of innovation. Canadian mining companies' reaped the benefits of the industry's commitments through the realization of rising valuations that kept pace with their international counterparts.
"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, PwC Canada. "Having four Canadian-based companies amongst the largest metal streaming & royalty businesses in the world demonstrates Canada's leadership, not only in alternative financing, but in the sector as a whole," added Fitzgerald.
Canada stood out internationally in several ways and the most impactful contributions were the following key areas:
Top exploration destination
Last year, Canada received more exploration investments than anywhere else in the world, attracting 14% of the total global exploration budget. Australia was a close second with 13%, followed by the United States at 7%.
Commitment to Leadership in Diversity
Continued financing and strong investment in the Canadian mining sector is a key driver in attracting a strong and diverse talent pool of industry professionals. In 2016, Canadian-based members of the Top 40 demonstrated a leadership role in their commitment to diversity. Women filled 21% of the board of director seats in Canada, compared with 16% among the non-Canadian companies.
Canadian mining companies are leading the charge in early adoption of new technologies. Goldcorp recently began using a cognitive computing system, which can learn from interactions with data and humans. And Barrick Gold has begun to work with Cisco Systems to embed digital technology, with the aim of improving decision-making and performance.