Oil Price and Credit Crunch Puts Big Canadian Oil Sands Projects on Hold

Source: Reuters (10/24/08)

"I think everybody knew that the wheels were going to come off to some degree, but the collapse of the credit markets has just accelerated all of this," Dundee Securities analyst Menno Hulshof said. "I don't think anybody in a million years thought oil prices were going to come off as hard as they did..."

Companies developing Canada's oil sands, one of the world's largest deposits of crude oil, said on Thursday they aim to cut spending on multibillion-dollar projects in response to tumbling oil prices and the financial meltdown...

The cuts are the latest to hit Canada's energy sector, where fortunes have soured quickly as oil demand has dwindled, more than halving prices in a three-month span to current levels below $70 a barrel. "I think everybody knew that the wheels were going to come off to some degree, but the collapse of the credit markets has just accelerated all of this," Dundee Securities analyst Menno Hulshof said.

"I don't think that anybody in a million years thought oil prices were going to come off as hard as they did and that the larger players were going to have to make these difficult decisions."

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."