The 10-year boom in commodities turned out to be less than four years and no one knows when it will resume.
Yet, there is a bright side for the Canadian mining industry, and especially the Ontario segment. The provincial government has postponed its planned revisions to the Ontario Mining Act.
Bowing to several pressure groups, the McGuinty government had intended to ram through major changes before the New Year. The world-wide meltdown in credit facilities brought the Liberals to their senses.
Ontario has four major industries, new vehicle and parts manufacturing, mining, forestry and tourism. Even before the housing crisis in the United States spread into every sector of the world economy, the forestry industry was written off by Queen’s Park.