Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Despite a healthy economic growth, Canada’s economy lost 2,800 jobs in February, with at least 18% of those positions belonging to the mining sector.
According to the latest report from Statistics Canada, released this morning, the unemployment rate nonetheless didn’t change much, reaching 7.4% in February from 7.6% in January, mainly because 38,000 people dropped out of the workforce. This is the largest such move since January 2009.
The mining industry contributed with at least 18% of those loses, partly due to the closure of Electro-Motive Canada (EMC) plant in London, Ontario at the beginning of the month.
EMC, a subsidiary of heavy equipment maker Caterpillar (NYSE:CAT), left about 465 workers without a job after several months of unsuccessful contract negotiations with the Canadian Auto Workers union (CAW).
According to CAW’s President Ken Lewenza another 1,700 workers employed in spin-off jobs were also affected by Caterpillar’s EMC decision.
Statistics Canada’s report, however, shows the biggest decline was registered in retail and wholesale; transportation and warehousing; health care and social assistance; and public administration.
The report comes a day after the Bank of Canada issued a more optimistic forecast for the economy but held its benchmark interest rate unchanged at 1%, says Reuters. Bank of Canada’s outlook supports analysts’ view that a rate increase may come sooner than previously expected, although is not imminent according to Reuters.
Later in the morning, United States is to report February jobs data as well.
3 Comments
Df62
Currently, at the Mt. Milligan Project, TCRK Metals Company is recruitng for careers in the US for this Canadian Project. They are looking at this from a cost point of view and these jobs must be kept in Canada.
Ramsey
I read the report and can’t see where the 18% stat comes from. In the data tables I’ve looked at mining is lumped in with oil, gas, forestry and fishing which all together had net increases. Can you point me to the info on mining?
Thanks.
MINING.com Editors
It is an estimate based on the 465+ unemployed people left by EMC’s plant closure. It is NOT in Stats Canada report.