Quebec benefits from higher metal prices, investment

The Canadian economy may have stumbled in the first half 1995, but Quebec’s mining industry experienced encouraging year-end results nonetheless.

High interest rates at the beginning of the year, the slow rate of job creation and a sluggish American economy accounted for Canada’s poor economic performance.

Nevertheless, metal prices in 1995 were higher than in the previous year, with Quebec’s mineral shipments amounting to more than $3.1 billion, up 4% over 1994. This figure is expected to increase slightly in 1996 as a result of still higher metal prices.

Other highlights of the province’s mining sector include the following: * The value of shipments increased 90% for copper, 37% for zinc and 22% for peat moss.

* Total investment in the mining industry in 1995 is estimated at $943.2 million, up from $891.5 million 1994.

* Exploration expenditures were up 6%.

* Employment in mining amounted to 17,575 man-years, down from 17,946 in 1994