Noranda official backs free trade

A free trade agreement with the United States is “essential” for Canada’s economic future and for the Canadian mining industry, William Deeks, president of Noranda Sales Corp., said at the 89th annual general meeting of the cim in Toronto.

Canada needs access to the American market in order to keep its costs internationally competitive. From its free-trade dealings with the U.S., Canada will then be in a better position to handle its multi-national trade transactions, he said.

Mr Deeks was addressing the issue “Base metal markets in crisis,” a crisis brought on, he said, from the danger of oversupply and the absence of initiative in expanding demand.

The metals industry has demonstrated its capability to produce and expand supply as needed, he said, but it has not shown an ability to manage supply, particularly as it applies to product research and market development.

The industry’s commitment to production renewal through exploration and development needs a companion effort in product research and market development to renew demand, he said.

While the word “crisis” is associated with danger, Mr Deeks said it can also be construed in a positive sense, signifying opportunity.

“Let’s get on with the job,” he said.