Around the North

A beacon of light prevails in the Canadian economy. Turns out equity on properties is very strong according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).

In the wake of Vale Inco’s announcement of an eight-week shutdown of it’s Ontario mining operations, the Canadian government has asked Vale to explain it’s plans and said it will ensure the Brazilian mining company meets it’s obligations.

While many Sudbury homeowners may be paying higher property taxes after the recent province-wide reassessment, Xstrata Nickel and Vale Inco will be paying five per cent less in municipal property taxes, a total of decrease of $700,000 between the two

Funding research is important of itself and for the economy said 2,000 researchers including some of the country's most respected scientists, who have signed an open letter to the Prime Minister calling funding cuts in January “a huge step backwards

AbitibiBowater has filed for creditor protection in Canada and the U.S.

Diamond drilling was on the mind of the provincial government with two funding announcements for a North Bay mining supplier and training at two Northern colleges.

Chapleau's Niska North sawmill received a $1.5 million cheque from the province to become one of the largest cedar manufacturers in eastern Canada. The sawmill will create up to 40 jobs over the next three years.

A new arts centre for Hearst is expected to create job and other spinoff benefits in the local hospitality sector.

Essar Steel Algoma has temporarily laid off another 95 employees. That brings the total of employees on layoff to 600. The Sault Ste.

The Cypress Development Corp.(TSX:CYP) and Skyharbour Resources Ltd. (TSX:SYH) have discovered visible gold on their jointly operated Broulan Reef property near Red Lake.