USGS releases first study to assess global earthquake risk to mineral supplies
Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.
After sensing that Europe’s economic tailspin may have been halted, the markets and commodities opened higher.
The S&P/TSX Composite index was up 2%, and the Dow Jones-UBS Commodity Index was up 1.59%.
Spot gold was largely unchanged from yesterday’s price at $1725/oz.
Oil was up sharply. ICE North Sea Brent crude was up three percent to $112.23 a barrel, and the Dow Jones U.S. Oil & Gas Index was up 2.45%
Some major miners reported strong earnings over night. PotashCorp doubled its earnings and Teck reported a record quarter.
European leaders hammered out a deal late Tuesday to help solve the debt crisis, which had been creating uncertainty and weighing on the markets. Due to Greek’s high debt load, bond holders will be taking a hair cut of 50% on Greek debt, and lenders will be recapitalized to the tune of $1.4 trillion.
