Canada’s top mining CEOs got pay raises in 2021 despite a mixed year for the industry – by David Milstead and Niall McGee (Globe and Mail – May 3, 2022)

Most chief executive officers at large Canadian mining companies received pay raises in 2021, even as the industry’s performance was decidedly mixed. Franco-Nevada Corp. said CEO Paul Brink made $4.76-million, up from $3.49-million in 2020. First Quantum Minerals Ltd. said CEO Philip Pascall made $6.65-million last year, up from $5.03-million in 2020.

However, pay declined at Canada’s biggest and most valuable miner: Barrick Gold Corp. The company’s CEO Mark Bristow made $18.15-million, down from $24.32-million in 2020. The pay packets – mostly increases for the heads of base metals miners and decreases for several gold CEOs – were partly a function of copper’s outperformance of gold last year.

The price of bullion fell 6 per cent, to end the year at about $1,825 an ounce. Traditionally sought by investors in times of extreme economic uncertainty, gold’s swoon was in large part because the worst of the volatility brought on by the COVID-19 pandemic eased.

Copper, meantime, hit a new all-time high last year. Used in everything from plumbing to electricity to alternative energy, the industrial metal was driven to new heights by a snapback in global demand as economies rebounded from a brutal 2020.

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