Mining to Bounce Back in BC
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Wed, Jan 20, 2010
By Melissa Pistilli-Exclusive to Silver Investing News
Mineral exploration expenditures in British Columbia fell victim to the global credit crisis in 2009, dropping 58 per cent from the previous year to $154 million; however, it was still the sixth-best year for exploration and development investment since 1989.
And 2010 is expected to be another strong year as British Columbia’s (BC) mineral exploration sector is expected to rebound.
That was the tone at the Association for Mineral Exploration British Columbia (AME BC) Mineral Roundup 2010 this week, whose theme this year is “Going for the gold, and everything else.”
Speaking at the conference, Minister of State for Mining Randy Hawes predicted that improvements in commodity prices globally will bring a resurgence of exploration activity to the province’s wounded mining sector.
“What started to be a disaster turned around,” said Minister Hawes. “I expect that [turnaround] is going to continue in 2010.”
British Columbia is home to 60 per cent of all Canadian mineral exploration companies. Hawes expects the mining industry to be an important part of economic recovery in BC “The province’s mineral resources are in demand and BC is an attractive place to invest in exploration and mining,” said the Minister in a news release.
Growing resource demand from Asian markets is likely to fuel the recovery in terms of both buyers for supply and investment.
“Over the next number of years, it is anticipated that British Columbia’s mineral industry will continue to build a stronger connection to Asian markets and companies,” according to a 2009 British Columbia Mines & Mineral Exploration report. “This involves building on existing relationships with Japan and Korea and developing new business connections with China.”
New BC Mines Coming Online
No new major metal mines have opened in BC in thirteen years. But Minister Hawes expects that drought to come to an end very soon.
Hawes believes the province should have “several new mines commencing by 2012 – 2013.” Some of those include New Gold’s New Afton copper-silver-gold mine near Kamloops, Terrane Metals’ Mount Milligan copper-gold project near Prince George, and Taseko Mines’ Prosperity copper-gold project near Williams Lake.
Thirty new mine development projects were submitted for government approval in 2009, which AME BC president and CEO Gavin Dirom says “hold billions of dollars of economic potential that could greatly benefit all British Columbians.”
BC Silver and Gold Miners
According to Natural Resources Canada, in 2008, mines in BC produced 9,173 kg of gold and 123 tonnes of silver in 2008.
Following is a selection of miners with silver and/or gold properties in BC.
|
Company |
Share Price Jan. 19 2009 |
Share Price Jan. 19 2010 |
| Bralorne Gold Mines
[TSX.V: BPM] |
0.60 |
0.92 |
| Barrick Gold Corporation [TSX: ABX] |
$41.74 |
$40.91 |
| Canasil Resources Inc. [TSX.V: CLZ] |
0.04 |
0.10 |
| Eagle Plains Resources Ltd. [TSX.V: EPL] |
0.12 |
0.20 |
| Huldra Silver Inc. [TSX.V: HDA] |
0.11 |
0.20 |
| Kent Exploration Inc. [TSX.V: KEX] |
0.04 |
0.20 |
| Levon Resources Ltd. [TSX.V: LVN] |
0.05 |
0.53 |
| New Gold Inc. [TSX: NGD] |
$2.12 |
$4.55 |
| NovaGold Resources Inc. [TSX: NG] |
$2.10 |
$6.63 |
| Seabridge Gold Inc. [TSX: SEA] |
$15.50 |
$26.70 |
| Silver Standard Resources [TSX: SSO] |
$22.89 |
$23.89 |
| Silver Quest Resources Ltd. [TSX.V: SQI] |
0.04 |
0.36 |
| Taseko Mines Limited [TSX: TKO] |
$1.09 |
$5.47 |
| Terrane Metals Corp. [TSX.V: TRX] |
0.16 |
$1.11 |
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