British Columbia must deliver on its mining potential: PwC

British Columbia’s mining industry is entering a crucial stage rich in opportunity for critical minerals and gold, but it’s still dogged by slow permitting and widespread uncertainty, according to global accounting firm PricewaterhouseCoopers.

Revenue from BC mining operations fell to C$13.9 billion in 2024 from C$15.8 billion in 2023, largely due to a drop in metallurgical coal prices, PwC says in its 57th annual BC Mine report, released this month. Coal remains the province’s largest mining revenue contributor at 52% – with 95% of that coal for steelmaking – but volatility continues to challenge the mining sector.

“Metallurgical coal is a key commodity for British Columbia with active mining operations located in both the southeast and northeast parts of the province,” Mark Patterson, PwC’s BC mining leader, said in an emailed response to questions. “Prices are really subject to two key driving factors – consistency of supply of coal from Canada and other global sources…[and] demand from steel mills which is largely a function of overall economic activity.”

British Columbia, Canada’s second-largest mining jurisdiction by exploration spending and a leading producer of copper, gold and metallurgical coal, is poised to benefit from resource nationalism triggered by efforts to dislodge US tariffs and China’s critical minerals dominance.

But despite being home to many of Canada’s top mining companies and TSX-listed juniors, billions in investments linger amid BC permitting delays, policy uncertainty and shifting global demand.

Prices forecast

Prices for metallurgical coal have dropped to around $188 per tonne from a peak of $377 a tonne seen after Russia’s 2022 invasion of Ukraine, according to Platts. Copper is predicted to average $4.18 per lb. this year, CIBC analysts forecast in the PwC report. The red metal remains central to the energy transition and is driving new investment across the province.

Copper output in BC rose 13% to 316,487 tonnes last year. Gold production rose “marginally” from 2023’s total of 603,700 oz. (PwC didn’t report the exact number) as revenue increased 34% on surging prices. With gold trading near record highs in 2025, BC producers are expecting even stronger results.

“We don’t have a crystal ball and there is significant uncertainty created by global events and the actions of our southern neighbours,” Patterson said. “As long as that uncertainty continues, gold in particular, will be an important driver.”

Artemis Gold’s (TSXV: ARTG) Blackwater gold project, which started commercial production in May, is expected to produce more than 300,000 oz. annually over its first five years, making it one of the largest new gold mines in Canada.

Priority list

Expansion plans are advancing at Teck Resources’ (TSX: TECK.A/TECK.B; NYSE: TECK) Highland Valley Copper mine, Centerra Gold’s (TSX: CG; NYSE: CGAU) Mount Milligan mine, and the Kemess project, also held by Centerra. Skeena Resources’ (TSX, NYSE: SKE) redevelopment of the Eskay Creek gold-silver mine is progressing as well. All four projects were named to the provincial government’s major project priority list in February.

While the province’s permitting framework remains an obstacle, Premier David Eby is taking steps to promote the industry as part of a broader shift that includes an “economic imperative” and a growing recognition of the sector’s value, PwC said.

“We now have a ministry government dedicated to Mining and Critical Minerals with a mandate specific to this sector,” Patterson said. “General public awareness of mining, the importance of mining to the prosperity of the province and the country, its job creation capacity etc., is arguably in a more positive place than any time in the recent past.”

The report is based on financial data from 13 operating mines and interviews with executives from 10 exploration and development companies. Contributors include Shelley Gilberg of PwC Canada in conversation with Integra Resources (TSXV: ITR; NYSE: ITRG) CFO Andrée St-Germain, as well as executives from Skeena Resources, MineSense Technologies, and Ideon Technologies.

Mining vs oil

Even with Eby favouring mining over other natural resource infrastructure such as oil pipelines and liquid natural gas terminals, companies remain cautious.

“BC needs to drive a path to economic growth and economic independence from the US,” Patterson said. “Our mined products, unlike other industries such as forestry, are primarily shipped to markets other than the US.”

While BC’s mining sector operates under stronger environmental, social and governance norms in relation to First Nations than many other jurisdictions, the province and companies could strengthen Indigenous economic participation, Patterson said.

“The mining sector needs to have the infrastructure in place to enable First Nations groups to meaningfully participate in projects,” he said. “Corporations see economic reconciliation in collaboration with the provincial and federal governments as a key role that they can play.”

PwC strikes an optimistic tone, noting the value of critical minerals copper, molybdenum and zinc mined by survey respondents rose 15% last year. Copper revenue increased by 20%.

“The greatest opportunity, however, lies in the federal and provincial governments’ heightened interest in resource development and the recognition that to control its own economic future, Canada has to responsibly accelerate mining projects,” PwC said. “In British Columbia, that means reducing administrative and regulatory hurdles without compromising on due diligence.”