Global Economic Woes Hit Canadian Mining Hard

The last time Mining Engineering presented an issue with a special focus on Canadian Mining (ME, August 2008 pp. 28 to 40) things were going well. A feature story took a look at Xstrata?s Nickel Rim South Mine in Sudbury and the booming Canadian oil sands were discussed at length. Potash prices were soaring, large diamonds were being found and British Columbia was launching plans to find more workers. How things have changed in six short months. What began as a mortgage crisis grew into a credit crisis, then mutated into a financial crisis, that has taken its toll on the value of bonds, loans, stocks, real estate and commodities. Miners that were flying high on unprecedented commodity prices six months ago have begun scaling back with delays, shut downs and layoffs as they struggle to survive this most recent economic downturn.