Mining

The potential development of Ontario’s first diamond mine was put on hold in July. In a surprise move, the Attawapiskat First Nations community told De Beers Canada Corp. it had decided to suspend its consultation process with De Beers.

Low gold prices have some mining companies aiming to lower costs per ounce of gold through mergers. A recent acquisition of Homestake Mining Co. by Barrick Gold Corp.

Falling metal prices caused Falconbridge Ltd. profits to drop in the second quarter. The mining giant reports it earned $55.8 million in July in the three-month period ending June 30. That compared with profits of $126.

Robert Milbourne, Algoma Steel's new company chairman, unexpectedly stepped down in late February. A company press release states that Milbourne's departure was a mutual agreement.

Falconbridge top executive Oyvind Hushovd was fired in late February in a dispute with the board of directors from parent company Noranda Inc. His replacement, Derek Pannell, Noranda's president and CEO, will retain his position at Noranda.

The Ontario government is providing $50,000 to the Canadian Association of Mining Equipment and Services for Export (CAMESE) to assist the organization in its export marketing initiatives.

A third-quarter loss of $68 million has prompted metals giant Noranda Inc. to slash 550 jobs.

Quebec-based Atlas Copco Canada Inc. signed a letter of intent in April to purchase the product division of Layne/Christensen.

A recent merger has placed Kinross Gold Corp. in the rankings as the seventh-largest gold producer in the world. Kinross Gold Corp. announced a merger this week with TBX Gold and Echo Bay mines.

Newfoundland's premier is expected to meet with officials at Inco Ltd. in the near future to work out final details of a deal to develop Voisey’s Bay mine in Labrador.