Commodity price slump undercuts mining sector
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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