Quantcast

Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Mining Slump in Canada

We're seeing producing base metal mines shutting down, mine construction projects mothballed and of course a lack of interest in looking for unusual rocks and things.

There's less money available for exploration and it is starting to hurt the mining service sector. Carl Schultz, President of the Yukon Chamber of Mines had this to say:

There still will be demand for metals in the long run. I think in the short run, it's going to be a little tough.

I had the pleasure of meeting Carl while consulting on a uranium project in southern Alberta. I just hit up the stock chart of the client - the were flirting with 80 cents last year and now they are down to 8 cents. OUCH!