The Prospector News

EY Canadian Mining Eye index sees continued growth in Q3 2020

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

EY Canadian Mining Eye index sees continued growth in Q3 2020






Sources available to discuss quarterly mining and metals industry performance and outlook

  • Gold prices increase despite volatility
  • Base metals prices continue upward momentum from Chinese demand
  • CEO Q&A with Torex Gold and Barrick Gold on building resiliency in COVID-19


The EY Canadian Mining Eye index saw continued growth in Q3 2020, up 10% following a 72% increase in the previous quarter.


Index comparisons Q3 2020 Q2 020
Canadian Mining Eye index 10% 72%
S&P/TSX Composite Metals and Mining index 4% 16%
Major index 6% 44%


Despite experiencing volatility, gold prices increased 7% in Q3 after an 11% gain in Q2 2020. Base metals prices also continued their growth momentum on the back of strong demand from China. Copper prices increased 11% after 22% growth in the previous quarter. Nickel prices saw an uptick of 14%, while zinc prices increased 17%.


“Moderate economic recovery over the summer months, coupled with movements in the US dollar, impacted the demand for gold,” says Jay Patel, EY Canada Mining & Metals Strategy and Transactions Leader. “A switch back to higher prices is on the horizon as we enter the second wave of COVID-19 and a renewed upswing in demand as fears mount over increasing cases and investors turn to a safe haven for investments.”


The EY Top 10 business risks and opportunities — 2021 finds that the pandemic has affected each commodity differently depending on demand, stockpiles and the virus’s impact on supply, heightening many existing risks but also creating new opportunities. License to operate is ranked as the top risk, along with high-impact risks (2) and productivity and rising costs (3).


“Mining and metals companies have handled the impact of this ongoing disruption extremely well,” says Jeff Swinoga, EY Canada Mining & Metals Co-Leader. “They’re maintaining a strong focus on health and safety, enhancing governance and change management practices, collaborating with various stakeholders and building more efficient operations. Continuing this success moving forward will require flexibility, resiliency and agility.”


Special section – Q&A with industry CEOs


Jody Kuzenko, President & CEO at Torex Gold Resources Inc., talks about the importance of fostering a strong workplace culture that can withstand any crisis, deliver on long-term goals and build a socially responsible organization.


Mark Bristow, President & CEO at Barrick Gold, explores current challenges and opportunities facing the mining sector, license to operate and building resiliency in the era of COVID-19. 


About EY


EY is a global leader in assurance, tax, strategy and transactions and consulting services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. 


Posted October 28, 2020

Share this news article


Skeena Resources Closes C$34.5 Million Bought Deal Offering of Common Shares

Skeena Resources Limited (TSX: SKE) (NYSE: SKE) announced the clo... READ MORE

September 23, 2022

Glencore to Acquire Newmont’s 18.75% Shareholding in the Mara Project

Today Glencore International AG announced, and has made Yamana Go... READ MORE

September 23, 2022

Rusoro Announces Closing of $1,250,000 Private Placement

Rusoro Mining Ltd. (TSX-V: RML) is pleased to announce that on Se... READ MORE

September 23, 2022

Revival Gold Intersects 10.1 g/t Gold Over 11.4 Meters Within 3.5 g/t Gold Over 115.4 Meters at Beartrack-Arnett

Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to annou... READ MORE

September 23, 2022

Avalon and LG Energy Solution Sign Memorandum of Understanding to Accelerate Ontario's Lithium Battery Materials Supply Chain

Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) is plea... READ MORE

September 23, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News