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PricewaterhouseCoopers: The global mining situation is improving
Recently, data published by PricewaterhouseCoopers shows that the net profit of the top 40 mining companies in the world last year reached 61 billion U.S. dollars, an increase of 126% year-on-year. It is expected that the net profit of these mining companies will further increase to US$76 billion this year.
The market value of these 40 companies increased by 30% to US$926 billion, revenue increased by 23% to US$600 billion, and earnings before interest, taxes, depreciation and amortization (Ebitda) rose by 38% to US$146 billion.
Chris Dodd, head of PricewaterhouseCoopers Australia Mining, said on June 5 that a strong balance sheet has attracted top 40 mining companies seeking bold investment and growth opportunities, but many companies are still focused on maintaining A strong and flexible balance sheet.
Last year, 40 mining companies had the lowest level of asset expenditure since 2006, which was 48 billion US dollars. There are very few large-scale projects currently approved.
"These mining companies have already completed their efforts to cut costs, increase efficiency, and maintain sustainable supply levels," he added.
In addition, the tax expenditure of 40 companies increased by 81% last year, and the cash tax paid to the government increased by 67%.
In terms of raising funds, PricewaterhouseCoopers pointed out that, as a whole, the funds raised by the mining industry in the traditional mining markets in Toronto, Australia and London have decreased by US$1.7 billion from 2016 to 2017. London increased by 47%, Toronto and Australia by 36% and 9% respectively.
Looking to the future, Tad said that favorable market conditions, higher prices, and strong cost management practices have led to a stronger balance sheet for mining, and it is expected that revenue will continue to increase this year.
“The biggest risk mining companies face now is whether new cash should be invested in transactions, projects or assets to meet growing demand.”
"In order to achieve sustainable value, the mining company must maintain discipline and transparency in the allocation of funds and focus on the goal of mining for profit rather than on tonnage."