It came as little surprise that the press conference announcing BC mining's 2010 financial results yesterday in Vancouver was a giddy love fest: three new mines, astronomical copper and coal prices, and near record revenues were held up as proof that the near-death commodities crash of 2008 is history.

The BC mining industry, an optimistic and hyped bunch even at the worst of times, on this day treated the reporters and assembled industry friendlies to an onslaught of clichés and buzz phrases: those in attendance learned that a page was turned in 2010; it was the dawn of a new gold rush; and this turnaround in growth marked a renaissance that will inspire BC's world class industry players collectively seize the day.

Of course, there was real cause for celebration. 2010 saw mining revenues, net income and cash flows rise to near record levels; over the course of last year, the industry's net earnings rose to $3.7 billion, up 65 per cent from 2009. And it was surging coal and copper prices -- BC's two biggest mineral exports -- that drove the results. Shipments of BC coal (which accounts for nearly 50 percent of BC's net mining revenue), jumped 23 per cent.

British Columbia has recovered from the 2008 crash faster than most jurisdictions, said BC Association of Mining President and CEO Pierre Gratton, because our most plentiful minerals are the very prerequisites for economic growth. Coal and copper are bellweathers of steel production and construction starts respectively, which continue to be strong globally. BC is also the world's biggest supplier of molybdenum, a mineral required in the production of steel.

Amid all the optimism, a sober note registered from a reporter in attendance: is there concern about the volatility of mineral prices given the unexpected "flash crash" that occurred last week, dipping the price of most commodities? "We will have cycles again," allowed Gratton, but if he was worried, he didn't let on.

The take-home from this entire exercise was this: the BC mining industry is poised to make huge strides forward -- the northwest transmission line alone is expected to spur a whole new generation of big open pit mines -- provided that commodities like copper, which has soared to $4.50 from its 2008 nadir of about $1.30, continues to be worth a lot.

If not, the new boom will swing back to bust.

Christopher Pollon is a widely-published freelance journalist and Tyee contributing editor. His website is here.