So is there a saving grace? Maybe.
On a cumulative basis, mining companies have better cash positions now than they have in the last six years. Below is the cumulative cash position for the TSX-Venture mining sector since 2004.
Cumulative cash positions in the sector today total over CAD$2.2 billion. This is the most cash held in companies’ bank accounts since the end of the bull market in 2012.
Taking a deeper dive into these cash balances is important to see the true health of the mining sector. Below is a chart which shows the median cash position for each year since 2004.