The mining sector in Canada did not have a single initial public offering (IPO) on either of Canada’s two leading exchanges in the first quarter of 2013, according to the results of a PwC survey released this morning.
This is something that has not occurred in the industry since 2003, according to past PwC surveys. Every quarter since 2003 has seen at least two new mining issues on either the TSX or the TSX-V.
“The complete lack of activity in mining, a sector that has been a pillar of Canada’s equity market, is unprecedented,” said Dean Braunsteiner, PwC national IPO services leader.
“The TSX Venture usually generates some activity for junior mining companies. Not so this quarter.”
He went on to explain that the ability of funding for the construction of new mines “remains a question mark.”
“Given the importance of the mining industry to our equity markets, this is a trend that bears watching.”
