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EY's Mining Eye Index gains 10% in Q3

EY’s Mining Eye Index has recorded a gain of 10% for the September quarter following a 72% jump in June.
EY's Mining Eye Index gains 10% in Q3 EY's Mining Eye Index gains 10% in Q3 EY's Mining Eye Index gains 10% in Q3 EY's Mining Eye Index gains 10% in Q3 EY's Mining Eye Index gains 10% in Q3

EY’s Mining Eye Index has gained 10% in the third quarter

Staff Reporter

The index outperformed others such as the S&P/TSX Composite, which gained 4% in the period, and the group's major index which gained 6%.

The firm's Canada mining and metals co-leader, Jeff Swinoga, said Wednesday the coronavirus and price volatility for all commodities failed to hinder the index' advance.

"Mining and metals companies have handled the impact of this ongoing disruption extremely well. They're maintaining a strong focus on health and safety, enhancing governance and change management practices, collaborating with various stakeholders and building more efficient operations. Continuing this success moving forward will require flexibility, resiliency and agility," said Swinoga.

Mining and metals strategy and transactions leader Jay Patel said a switch back to higher prices was on the horizon as the sector entered the second wave of COVID-19 and a renewed upswing in demand as fears escalated over increasing cases, and investors turned to haven instruments.

Index comparisons

Q3 2020

Q2 020

Canadian Mining Eye index

10%

72%

S&P/TSX Composite Metals and Mining index

4%

16%

Major index

6%

44%