BC’s biggest mines have more than recovered after experiencing two consecutive years of revenue declines, according to data collected on Business in Vancouver’s list of the biggest mines in B.C. (page 13).
After peaking in 2018, the average revenue for the province’s top mines fell 26.2 per cent over two consecutive years to $519.5 million in 2021 from $704.1 million in 2019. In 2021, their average revenue spiked 54.5 per cent to $802.8 million.
The largest mines at the top of the list were the main drivers of this growth. Revenue for the top five grew an average of 75.3 per cent over the past year.
Fording River (No. 2) recorded the largest growth. The mine, which is near Elkford and is operated by Teck Resources Ltd. (TSX:TECK.B), more than doubled its revenue to $2 billion in 2021 from $991.6 million in 2020.
Despite its impressive growth, Fording River is still not per- forming as well as it was at its peak in 2018, when its revenue hit $2.2 billion.
However, Fording River was not the only mine in the top five that has not fully rebounded from a 2018 peak.
Greenhills (No. 4), which is also operated by Teck Resources in Elkford and is near the Elkview and Line Creek mines in Sparwood, fell short of its previous 2018 high as well.
Smaller mines lower on the list did not generate as large a spike in revenue as their larger counterparts, but they have still reported significant growth. The median revenue of the mines on the list grew 51.6 per cent over the past year and was not as volatile as average revenue over the past two years. Median revenue hovered around $400 million for the four years preceding 2021. This suggests that the revenue of smaller mines was more stable from 2019 to 2021 than the revenue of larger mines
