The price oil sands producers receive for their crude improved to $30.75 a barrel below the international benchmark on Friday, a 42% gain from multi-year lows hit six weeks ago on the back of a sharply narrower gap between Canadian and US crude.
Statistics Canada revealed today that the provinces of Alberta and Saskatchewan led the country in economic growth in 2011, buoyed by the extraction and exploration of their natural resources.
"What is new is the growing awareness of its implications for our nation, particularly in a highly competitive world economy in which the demand for minerals continues to grow, especially in fast growing economies led by China and India."
Australian miner Xstrata Coal is pulling out of the Donkin Mine project, which promised to employ as many as 300 people in Cape Breton, Eastern Canada, by 2014.
Gold is currently in a protracted period of consolidation and expecting a break-out but it is unclear in which direction! Down to $1,525 or up to $2,000 + - or maybe first one then the other. Interesting times!