FNI puts Lockerby on care and maintenance. Well, this is now the second (Blue Notes Caribou mine in NB getting the first spot) mine to be closed in Canada in recent weeks. The market conditions are wreaking havoc on the mining industry in Canada and around the world.
If the commodity prices keep declining or even stay at the current levels, we will continue to see mines closing across the country tossing hundreds of skilled workers into the workforce and into the operational mines. These people will be able to find jobs, the Canadian mining sector has been brutally under-staffed for a long time with several mines operating at 60-70% productivity. We're not just experiencing a market correction, we're experiencing an industry correction. One where bloated salaries, extremely optimistic speculative juniors, high services cost and mines operating on wishful commodity outlooks are all going to have to take a serious step back...
it sucks, but it was needed.
This is hitting me particularly close to home, I was "laid off" (told work wasn't guaranteed in the future) from a junior mining company only a few months ago and now the mid-tier miner I'm working for is on the verge of going on care and maintenance.
We'll see what the future brings, one thing is for sure, it'll be interesting as hell.
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