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Canadian Economic Observer
December 2007

Economic events in November


De Beers announced its $1 billion Victor mine in the Northwest Territories will start production in January, six months ahead of schedule. Potash Corp announced a $1.8 billion mine and mill expansion at Rocanville in southeastern Saskatchewan that will raise its annual potash capacity by 2 million tonnes to 15.7 million tonnes by 2012. The planned $2 billion Galore Creek copper and gold mine in northwestern BC was put on hold indefinitely as cost estimates more than doubled.

The United Steelworkers union reached an agreement with International Forests Products to end part of the 3‑month coastal forest industry strike. Norbord will suspend operations at two oriented strand board mills in Quebec for up to six weeks in mid-December.

TransCanada announced plans for a $1 billion pipeline to traverse northern Alberta to provide natural gas for increasing oil sand production around Fort McMurray.

The Canadian Wheat Board announced substantial increases in initial payments to farmers for wheat and barley.

Ford and the United Auto Workers union reached a four-year pact which follows the pattern at GM and Chrysler to move retiree health-care obligations to a union-run trust fund. Chrysler announced the elimination of five shifts, four models and over 8,500 production jobs at its North American operations in the new year due to falling demand. Cami, Ford and GM announced shift cuts in Ontario plants that will eliminate 2,800 vehicle assembly jobs by next June.


After almost 5 years, the US border was reopened to Canadian cattle over 30 months of age.

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