The Globe and Mail reports in its Tuesday, May 3, edition that most chief executive officers at large Canadian mining companies received pay raises in 2021, even as the industry's performance was decidedly mixed.
The Globe's David Milstead and Niall McGee report that Franco-Nevada CEO Paul Brink made $4.76-million, up from $3.49-million in 2020. First Quantum Minerals 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. Its 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. Copper was driven to new heights by a snapback in global demand as economies rebounded from a brutal 2020.
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