VANCOUVER – A new survey conducted by Coopers Consulting and PwC has identified a downward trend in the amount of compensation collected by Canadian mining company CEOs in 2012. According to the 2012 Mining Industry Salary Survey, average base pay rates were about the same as the previous year, but average annual bonus payments fell.
In 2012 the total average compensation (wage and bonus) of mining CEOs in this country was $767,000, down 7% from $826,000 in 2011. The average base salary in 2012 was $490,000, not much changed from $486,000 in 2011. However the average bonus dropped 31%, from $540,000 in 2011 to $370,000 in 2012.
The study also revealed that 97% of CEOs reported being eligible for a cash bonus, but only 76% actually received it. (The average bonus was 67% of base salary.)
As for the salaried staff positions typically found at a mine site, over 80% of these employees are eligible for some form of incentive plan. That level is up significantly compared to the 59% who were eligible in 2011.
The study found that new graduate mining engineers can expect a starting salary in the range of $70,000, a figure consistent with new graduate hires in 2011. After one to two years of experience, the figure jumps to about $76,000. Fully qualified mining engineers may earn an annual base pay in the vicinity of $90,000.
By region, western Canadian mining operations generally pay more than their eastern Canada counterparts. Compensation data also show companies that mine coal, industrial and other minerals generally pay more across the board, while base metal mining operations generally pay less.
The latest salary survey will be posted on the PwC website shortly. In the meantime read the 2011 survey by searching PwC.com for “salary survey.”