Silvercorp annual production beats guidance

Depressed prices are to blame, says the Energy Information Administration (EIA).

Growing wait times for permits may hinder Canada's ability to take advantage of its considerable mineral potential, warn experts.

The Sable kimberlite pipe, for which permitting is already in place, could see mining beginning in 2019.

Companies have been told to leave behind equipment and vacate their premises.

The world’s largest gold miner also said it would redeem up to $750 million in notes to help cut debt by at least $2bn this year.

Last year, the agency had forecast a "relatively swift" recovery. Instead, oil prices have continued to fall, hitting less than $30 a barrel, a level last seen in 2003.

Goldman Sachs report is the latest in a long line of grim warnings, all of which point to a future of shuttered power plants, mine closures, and bankruptcies.

The layoffs are on top of the 1,900 positions Finning decided to axe last year.

The miner is set to report fourth-quarter results after markets close on Wednesday.