COMPENSATION
Exchange rates continue to impact mining
Salaries
Strength of US dollar puts American workers at advantage
mployment in the mining industry Eretaining is highly specialized and as a result, skilled staff is challenging.
These employees are often the most valuable asset at a mine and can run anywhere from 25% to 50% of the daily operating costs. One of the top reasons that employees leave for greener pastures is how much they are paid. Individuals such as geologists, engineers and top line supervisors are in demand and can often find new opportunities fairly quickly. Mines compete for these specialized employees, often recruiting from other countries. As a result, the mining workforce is highly mobile. According to CostMine’s 2019 mine
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MINING JOURNAL
survey results of U.S. and Canadian mines, employees at Canadian mines received a 2 to 4% salary increase for the year, while their U.S. counterparts reported an average increase of 2.7%. These statistics are derived from the results of two surveys completed last year by CostMine. Taking a longer view, we analyzed the salaries for Canadian and U.S. mine superintendents and mine geologists over the last ten years derived from our previous surveys. The charts below show the average annual salaries for these selected titles at metal mines in Canada and the U.S., over the period from 2009 to 2019. In 2009, the salaries were very simi-
lar for these professionals between the two countries. It is clear from the charts, that beginning in 2011, U.S. salaries for these titles lagged behind their Canadian counterparts. Our studies show that while salaries expressed in their own currencies have steadily increased over time, once the exchange rate between the two countries is factored in, the salaries for Canadian mine superintendents and geologists falls far short of their U.S. counterparts beginning in 2015. As shown below, the strengthening U.S. dollar shows the impact on Canadian salaries when expressed in U.S. dollars. Over the ten year period from 2010 to 2019, salaries for mine superintendents www.canadianminingjournal.com
Photo: MicroStockHub, iStockimages.com
By Krista Noyes
