Mining-sector executives dominate top-paid list
Executives who work for companies in the mining and metals sector nabbed 44 spots on the list. Add in the seven execs who work for companies that are in the oil and gas industry, and the four who are in the forest-products sector, and more than half of all listed top decision-makers work at companies in resources-related fields.
“We say all the time that B.C. is a world-class mining jurisdiction,” said Bryan Cox, CEO of the Mining Association of BC. “We are a hub for mining. It shows in those numbers.”
When BIV asked Cox if he could guess which two mining companies each employ five executives who placed on the list, he correctly guessed Teck Resources Ltd. and Goldcorp Inc. (TSX:G; NYSE:GG) – two companies that perennially rank high on BIV’s list of the top 100 public companies in the province, which is based on revenue.
While Teck and Goldcorp are known for operating mining operations globally, the former is much more active within B.C.’s boundaries.
Goldcorp owns the closed Equity Silver project in northern B.C. but has no operating projects in the province. Instead, the company is active in countries such as Mexico, Chile and Argentina.
In contrast, Cox said, Teck has five steelmaking coal mines in the Elk Valley region, as well as the Highland Valley Copper mine and the Trail smelter.
“Many of the companies that are headquartered here are doing business globally,” Cox said. “We have the best engineering companies. We have the best legal services. We have the best environmental services to access. If you headquarter here you have access to all of that world-leading professional services that we have in B.C.”
"If you headquarter here you have access to all of that world-leading professional services that we have in B.C.”
Two mining companies each have four executives who placed on BIV’s list: Wheaton Precious Metals Corp. (TSX, NYSE:WPM) and Leagold Mining Corp. (TSX:LMC). NovaGold (TSX:NG) has three executives listed while eight mining companies have two executives in the rankings.
“Not only are there great-paying jobs in Vancouver, on the corporate side, but there are jobs at the mine site as well,” Cox said.
“[Mining] jobs are the highest paying of those in the natural resources sector. When people think of mining, they think of what happens out in the operations, but these jobs are spread across the province and, importantly, in our major centres, like Vancouver.”
In the oil and gas section of the resources sector, Methanex Corp. (TSX:MX; Nasdaq:MEOH) had the most executives on BIV’s list, at four. That global company, which has operations in countries such as Chile, is the world’s largest producer and supplier of methanol.
Other oil and gas companies represented in the rankings include Africa Oil Corp. (TSX:AOI), NexGen Energy Ltd. (TSX:NXE) and International Petroleum Corp. (TSX:IPCO).
Forestry-sector CEOs at West Fraser Timber Co. Ltd. (TSX:WFT), Interfor Corp. (TSX:IFP), Canfor Corp. (TSX:CFP) and Western Forest Products Inc. (TSX:WEF) also claim spots on the list.
(By Glen Korstrom)