Economic Performance

Pretivm is committed to investing in environmental stewardship, community relations, and health and safety while also ensuring strong economic returns. For full disclosure of our financial performance in 2019, please refer to our Consolidated Financial Statements, our Management Discussion and Analysis, and our Annual Information Form.

In 2019, Pretivm processed ore at the Brucejack Mine at an average throughput rate of 3,570 tonnes per day. With receipt of the amended permit to increase production throughput, the focus was on upgrading mine and mill infrastructure to ramp up production to 3,800 tonnes per day.

In 2019, Pretivm sold 351,348 ounces of gold and 516,997 ounces of silver, generating US$484.5 million in revenue, including US$225.1 million in cash generated from operations. Annual operating costs were US$351.8 million and capital costs amounted to US$53.5 million. We paid CAD$89.4 million in salaries and benefits for our employees, of which CAD$33.1 million went to people living in Northwest BC. In addition, we disbursed US$95.5 million to contractors and service providers. We also contributed a total of CAD$436,801 in donations and sponsorships of local communities and Indigenous groups' initiatives. In 2019, this included CAD$250,000 to support forest fire crisis response associated with the Telegraph Creek fire that significantly affected one of our local community neighbours. Further informaiton is provided in Community Investment.

Taxes, Royalties & Other Payments to Government

As a company Made in BC, operating a mine Made in BC, we pay taxes to provincial and regional governments. In 2019, Pretivm paid $7.4 million in provincial taxes, including property tax and the BC Mineral Tax, and $0.2 million in taxes to the District of Stewart and Town of Smithers. These amounts will increase significantly once we recoup the cost of constructing Brucejack and exhaust initial construction tax credits. These tax contributions indirectly support government-funded services in the region including health, social, education, and infrastructure. We also share revenue with our Indigenous partners, including $1.2 million in payments made in 2019. Together, this amounts to nearly $9.0 million in direct payments to the provincial and regional economy, in addition to the wages, business revenue, and spin-off economic growth generated by the Mine and our workforce and suppliers.

Data Highlights

$8.8 million
direct payments to provincial
and regional economy,
including First Nations
$89.4 million
salaries and benefits for our employees, of which $33.1 
million went to people
living in Northwest BC
$39.7 million
expenditures to businesses
based in Northwest BC

Investing in Infrastructure & Services

Pretivm has made strategic investments in infrastructure including the electric transmission line that powers the mine site. The 57-kilometre transmission line that connects the Brucejack Mine to the provincial hydropower grid was constructed between 2015 and 2017, and demonstrates Pretivm’s commitment to minimizing our greenhouse gas emissions. Pretivm invested $141.4 million to build this transmission line, and as a result, we have a source of reliable, renewable energy to power the mine site including the mill and underground operations. By minimizing our use of diesel power generators and associated emissions, we have significantly reduced the carbon footprint of our mine. 

We have also invested in a high standard of health care at our on-site clinic at the Brucejack Mine. As described in Workplace Health & Wellness, our clinic offers a range of proactive and preventative health initiatives. Many of our workers come from remote communities with limited access to health services. Given the convenience and level of service available at the site, many take advantage of the clinic for a broad range of needs, and 81% of patient visits to the Brucejack health clinic in 2019 were not work-related.

Investing in Our Indigenous Partners

Pretivm continues to work closely with the Indigenous groups in proximity to the Brucejack Mine, and we believe these relationships are fundamental to our social licence to operate. We have signed Cooperation Benefit Agreements with Nisga’a Nation, Tahltan Nation, and Gitanyow Hereditary Chiefs, and we have worked with Tsetsaut Skii km Lax Ha. In 2019, we distributed $1.2 million in payments to Indigenous groups, but our partnership with Indigenous groups goes beyond economic contributions. We are committed to recruit and train Indigenous workers so that they can develop meaningful and rewarding careers in the mining industry. More information about our partnerships and engagement with Indigenous groups is provided in Community Relations.

Pro-Bono & In-Kind Investments

At Pretivm, we believe in more than simply making financial contributions; we also share our time and resources for the benefit of communities. In particular, since 2018 we have been investing time and organizational capacity to promote discussions among community leaders in the region with a common interest in advancing employment. These discussions provide a platform to investigate the barriers to Indigenous recruitment and retention, and help participants explore solutions through dialogue and networking.

Our Community Relations Manager sits on the Mining Sector Advisory Group for the provincial Industry Training Authority (ITA BC), where she works with the organization to ensure that program is tuned and responsive to the needs of the mining industry in BC.

In addition, since 2018 we have been providing storage space for a community organization supporting young adults transitioning out of foster care. More information about these and other investments can be found in Community Investment.

Note: All costs and financial figures are provided in Canadian Dollars (CAD) unless otherwise noted.

Highlight Story

Responding to Forest Fire Crisis in Telegraph Creek

The devastating forest fires at Alkali Lake and in Telegraph Creek destroyed many homes, buildings, and other community infrastructure in summer 2018. The Telegraph Creek community is home to a number of our employees and their families, and we provided paid leave for those individuals who volunteered to help fight the fire and assist with area evacuation efforts. Unfortunately, the fires blazed out of control. Hundreds of people were forced to leave their homes, and priceless cultural and ceremonial regalia was lost.

During and after the fire, Pretivm provided support to Tahltan Elders and others displaced from their homes. This included financial, logistical, and emotional support for those who relocated to Smithers and Terrace. In January 2019, we made a special contribution of $250,000 in support of the Tahltan Nation reconstruction efforts.

In Telegraph Creek, several recovery actions were underway in 2019 including the recovery of housing and community infrastructure. The Tahltan Nation worked to ensure that the needs of all community members were met, and supported affected households through this period of recovery. Although the destructive impacts of the forest fires cannot be reversed, we hope that our contributions continue to help the community heal and move forward.