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PwC: Pressure on mining CEO bonuses
September 17, 2012
By Rob Starr, Content Manager, Big4.com
According to the 2012 Mining Industry Salary Survey by Coopers Consulting and PwC, Canadian mining company CEOs saw their average total cash compensation decline in 2012, as average base pay rates remain flat from the previous year, but average annual bonus payments dropped.
In 2012, across the full range of salaried staff positions found at a mine site, over 80% of positions continue to be eligible for some form of incentive plan, such as an annual cash bonus, gainshare plan or productivity improvement plans. This is a significant change compared to ten years ago when eligibility hovered at only 59%.
The study also found new graduate mining engineers can reasonably expect a starting salary in the range of $70,000, a figure consistent with new graduate hire rates in 2011. After one to two years of experience, the figure jumps to about $76,000, with fully qualified mining engineers potentially earning an annual base pay in the vicinity of $90,000. By region, Western Canadian mining operations generally pay more than their Eastern Canada counterparts. Compensation data also shows companies that mine coal, industrial and other minerals generally pay more across the board, while base metal mining operations generally pay less.