B.C. mining industry sees profits shrink in 2009, but remain at historical highs

VANCOUVER - The profits in British Columbia's mining industry remain at historically high levels despite the global recession and lower commodity prices.
A new report says B.C.'s mines earned $2.3 billion for 2009.
This was down 28 per cent from 2008 but was close to the profits seen in 2007, which at the time was a record.
The report says the province's industry weathered the recession better than most, even though it had to cope with lower shipments and weaker prices for many metals.
It also finds that 61 per cent of CEOs of B.C.-based mining companies believe their businesses have returned to normal, and 50 per cent are actively pursuing new properties, acquisitions or mergers.
The report by PricewaterhouseCoopers surveyed 41 mining companies with operations in B.C. and 34 CEOs.
Vancouver is headquarters to many of Canada's largest miners, including coal, zinc and copper giant Teck Resources (TSX: --), international international gold producer Goldcorp (TSX: --) and a host of other base metals and gold producers.