British Columbia’s mining industry achieved strong gains in critical mineral production and investment in 2024, setting it up well to manage the uncertainty of tariffs and the trade war with the United States, according to Pricewaterhouse­Coopers’ (PwC) recently released BC Mine 2024 report. The province’s miners generated $14.5 billion in net revenue last year.

“I think in B.C., we’re very well-positioned as we look at some of the global trade tensions and challenges, particularly the need to diversify and decouple parts of our economy from the U.S.,” said Mark Patterson, B.C. mining leader at PwC Canada, in an interview with CIM Magazine. He added that most of B.C.’s mining output is exported to international markets beyond the U.S., presenting opportunities to strengthen those trade relationships further.

According to the report, critical minerals alone accounted for $4.4 billion, or 31 per cent, of B.C. miners’ total revenue.

Last year, the province’s metallurgical coal sector experienced a 17 per cent revenue decline driven by falling average realized coal prices and lower tonnage shipped. Although coal remained B.C.’s top mining revenue contributor at $7.4 billion (52 per cent of net mining revenue), prices declined from their peak levels in 2022.

Employment in the sector continued to climb, with direct mining-related jobs rising from 13,357 in 2023 to 14,216 in 2024.

“Employment numbers continue to rise, which is one of the key things we always look at as a barometer for the health of the industry,” Patterson said.

However, the report also highlighted challenges, such as a more complex global trade landscape and rising costs, which contributed to gross margins falling from 23 per cent in 2023 to 22 per cent in 2024.

Beyond trade diversification, the report identified several areas where B.C. can accelerate growth in its mining sector, from streamlining project approvals to investing in technology and infrastructure.

Opportunities for growth

Patterson said that while there is optimism about B.C.’s mining future, the key question is whether the province can truly seize this moment and act swiftly. He emphasized that speed extends beyond the mines themselves to include the essential infrastructure—such as energy and transportation—needed to support mining operations.

“It’s about making sure that not only can the mines be approved, but also [that] the infrastructure that is necessary to support them being developed actually gets through an approval process as well.”

Electrifying mines, particularly through transitioning mobile fleets to electric power, presents a significant opportunity. Achieving this requires ensuring an adequate energy supply and reliable access to power in remote areas where future projects are often located, such as the Golden Triangle region in the northwest part of the province.

While the report highlights the federal and provincial push to advance resource development as the greatest opportunity, Patterson stressed that accelerating mining projects must not come at the expense of thorough engagement.

“Fast-tracking is not a term that companies generally like to [use] because it has a negative connotation: that it’s about speed over all other things,” he said. “The conversations we’ve been having with companies are about responsible development of these mining assets.”

He pointed to the federal government’s “one project, one review” system as a key step towards improving timelines but emphasizes that speed must be balanced with strong relationships and genuine engagement with local communities, especially First Nations. With more than 200 First Nations in B.C., he added that it is crucial for the government to support these communities to ensure meaningful participation. He emphasized that project proponents must also make sure First Nations are active participants in the permitting process, noting this can significantly affect project outcomes.

Another key priority for B.C.’s mining industry is embracing technological innovation. The report said that while the sector has traditionally been cautious about adopting new technologies, growing use of artificial intelligence (AI) and robotics across the economy means this hesitation could now limit performance.

Patterson explained that B.C. not only has a considerable number of mining companies, but also technology companies that support mining activities in the province and have a global footprint. He believes there is an opportunity for these companies to further develop and apply their technologies within the province.  A stronger incubator ecosystem could enable companies to leverage the mining sector as a platform for building a related technology industry, he said.

“We’re starting to see that, but I think a more focused effort, both on the part of industry and government, to think about how they can foster these technology companies developing in the province would be the key thing, and ultimately, to take advantage of the knowledge and technical know-how that exists [in B.C.] that maybe isn’t being fully tapped into.”

With commodity prices remaining favourable, particularly for copper and gold, mining companies are in a solid financial position to invest in new technologies. One example is MineSense Technologies’ AI and sensor system, which delivers ore body intelligence to improve efficiency.

Patterson added that, while some funding programs already exist, expanding support specifically aimed at technology company development would be highly beneficial.

Commodity outlook for 2025

The report highlighted the important role of metallurgical coal in the province, with it being the single biggest commodity contributor to the revenue line. However, in 2024, the average market price declined slightly from US$263 per tonne in 2023 to US$240 per tonne. This year, it is projected to fall further to around US$198 per tonne.

Patterson said he expects that in the coming years, while metallurgical coal will remain a key source of revenue, growth will increasingly come from other areas of the mineral sector, particularly critical minerals.

He cited copper as one of these minerals, noting that there are several copper projects and mine expansions in the province seeking to move ahead or in progress. One of these projects is Teck Resources’ Highland Valley Copper mine extension, which recently received an environmental assessment certificate from the provincial government. Average copper market prices rose from US$3.79 per pound in 2023 to US$4.15 in 2024, with a further increase to US$4.18 per pound expected this year.

As for gold, global trade uncertainty has pushed investors to seek safe-haven assets, which is advantageous for B.C.’s gold producers. Average gold prices climbed from US$1,988 in 2023 to US$2,390 in 2024. In 2025, the average market price is projected to reach approximately US$2,916.

This strong price outlook coincides with new production capacity coming online, including Artemis Gold’s Blackwater mine in central B.C., which declared commercial production in May and is the province’s newest operational mine.