Commodity price slump undercuts mining sector

CBC News | December 28, 2015 | 1:00 am Base Metals Energy Precious Metals Canada Europe Copper Gold Potash Uranium 
Mining industry value drops below one trillion dollars

The bottom has fallen out of the commodities market and while Canadian mining firms look set to ride it out, there could be a hit to Canada’s economy because of low metals and minerals prices.

At the end of December:

  • coal is down 32 per cent from its price at the end of last year;
  • iron ore, -24 per cent;
  • palladium, -30 per cent;
  • copper, -25 per cent;
  • zinc, -30 per cent;
  • aluminum, -19 per cent.

They’re all mined or produced in Canada, part of an industry that employs 380,000 Canadians, dominates the stock market and is a key driver of the economy, contributing $54 billion to domestic GDP in 2013.

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