Canadian mining to continue growth momentum in 2021 – EY
Newcrest's Red Chris mine, in Canada. The company is a new entrant in the EY Canadian Mining Eye.
Canadian mining companies have finished 2020 strongly, as gold prices remain positive, base metals received support by Chinese demand and copper prices leapt to a seven-year high on anticipated government stimulus packages.
The EY Canadian Mining Eye index ended the year with continued growth, up 9% in the fourth quarter, following a 10% increase in the prior quarter.
EY Canada mining and metals coleader Jeff Swinoga says that with an economic recovery on the horizon, the industry will likely sustain its growth momentum in 2021.
“We’re already starting to see how expected government stimulus packages, such as China’s new five-year plan for greener production, Europe’s Green Deal and the planned package from the US, are driving sustainable infrastructure development and, in turn, greater demand for base metals like copper,” he says in a statement.
Metals, like nickel and cobalt, are also benefiting from green-led initiatives as the production of electric vehicles accelerate.
Precious metals demand should also remain strong, as inflation pressures are rising, EY Mining Canada mining and meals strategy and transaction leader Jay Patel adds.
"We're hearing from economists around the world that US inflation is expected to rise in the coming months on the back of global economic recovery, supported by various governments' fiscal and monetary stimulus initiatives.”
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