Canadian Mining

HAYWOOD’S HERITAGE MOMENT: CANADIAN MINING –Globally, Canada is recognized for its leadership in safety and sustainability. Mining companies in Canada were the first to develop an externally-verified performance system for sustainable mining practices with the creation of the MAC's Toward Sustainable Mining Initiative in 2004. Source: Mining Association Of Canada

 

No Respite: Metal/Oil Prices Tumble Further

This week’s market headlines were dominated by the dramatic fall in oil prices after the OPEC refrained from lowering production limits of crude oil. Already under pressure, WTI crude fell to US$66 (down 14%) per barrel after Friday market close. Precious and base metal prices followed a similar trend this week, with copper posting a significant drop on Friday, falling below the $3.00 per pound level on Tuesday and falling to $2.85 per pound (down 6%) as of Friday. Nickel, lead and zinc finished at $7.36 (down 2.2%), 0.92% (down 1.6%) and 1.00% (down 3.6%) respectively. Gold and silver fell below $1,200 and $16 mark, finishing at $1,176 (down 3%) and $15.56 (down 6%) per ounce. Iron ore continued was flat for the week, with the iron ore (62% Fe CFR China) price finishing at US$69.80 per dry metric tonnes The one shining light for the week was uranium; while not experiencing the same gains as the last couple of weeks, the Broker Average Price (BAP) was still up marginally closing at $39.19 (up 2%) per pound. The monthly long-term uranium price also gained ground, up $4.00 to $49.00 on Monday.

 weekly dig Nov 28

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[Canadian mining source]