Around the North

Essar Steel Algoma posted $211.7 million for the second quarter of its fiscal year. The privately-owned Sault Ste. Marie steelmaker relies on EBITDA, considered a meaningful indicator of company profitability. Sales were 11.

In spite of the looming market fears and the closures of numerous junior, mid tier and senior mining projects, a Sudbury based junior mining company is sticking with its plans to explore their northwestern Ontario claim.

Tony Clement, Minister of Industry announced that the Government of Canada has increased Business Development Bank of Canada (BDC's) 2008-09 borrowing approval from $9.7 billion to $11.5 billion.

Ontario's mining industry is leading the way with ideas that promote sustainable development in Aboriginal communities.

Nearly 12,000 metres of definition drilling at Queenston Mining Inc.'s McBean property in Kirkland Lake have turned up golden results. Highlights of the 25-hole program include 10.2 grams per tonne (g/t) gold over 13.6 metres, as well as 7.

With slipping commodity prices standing to impact its more than 90 members, the Sudbury Area Mining Supply and Service Association (SAMSSA) is seeking to brainstorm for some potential solutions during its upcoming annual general meeting.

After a five-week long strike, a three-year deal has been ratified between the union and officials at Timmins' Xstrata Copper Metallurgical Site just two days after returning to the bargaining table.

Economic uncertainty has failed to stem the tide of housing starts in Sudbury for the month of October, according to reports recently released by the Canadian Mortgage and Housing Corporation (CMHC).

The downturn in commodity prices and a failure to achieve late-September financing has forced Liberty Mines to put its Timmins-area Redstone and McWatters mines on care and maintenance. The company's Redstone nickel concentrator is also affected.

Don't expect any major structural changes at FedNor or bank on any funding increases for Northern community development agencies, says new federal Industry Minister Tony Clement.