TORONTO – Mining companies are in a stronger position now than they were at the beginning of the year, according to PwC Canada
's new mining report Beyond the downturn: A focus on financial discipline and innovation in Canadian mining
. With fluctuating commodity prices, the top priorities for Canadian mining companies in 2017 are capital allocation, strategic deal making, and employing new technology and innovations in support of creating a more sustainable future.
According to the report, a growing commitment to sustainability and engaging in strong and meaningful community relations is key to redefining the identity of an industry in the midst of transformation as it strives towards a more certain future.
The downturn in commodity prices provided a unique platform for mining companies to adopt new practices in an effort to reduce costs by optimizing their entire production cycle, according to PwC. A crucial part of reducing risk, sustainability efforts are now helping mining companies create new value by reducing cost while enhancing their license to operate.
Mining companies among the top 25 have already made significant innovative changes to the way they conduct business, such as using an electricity and battery powered underground fleet to eliminate all greenhouse gases, and reducing energy and water consumption through improved mineral recovery processes.
Working with local communities, particularly First Nations, has proved be rewarding for Canadian mining companies who operate in Canada and around the world, according to the report.
Mining companies are also focused on improving efficiencies and safety through the use of technology and innovation. "In 2017, mining companies are expected to introduce new technologies to help digitize and automate processes and we expect to see this through the establishment of new and innovative partnerships, resulting in ideas that step away from the status quo," explained Liam Fitzgerald, PwC Canada’s national mining leader.
The full report Beyond the downturn: A focus on financial discipline and innovation in Canadian mining
, which includes the latest industry figures and insights from Mining sector leaders can be found here