Make Kitco Your Homepage

Canada's mining, quarrying and oil and gas extraction fell 1.6% in October - StatCan

Kitco News

Editors Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of todays must-read news and expert opinions. Sign up here!

(Kitco News) - According to Statistics Canada (StatCan), Canada’s mining, quarrying and oil and gas extraction sector contracted 1.6% in October.

StatCan said that the domestic oil and gas extraction contracted 2.0% in October, led by a decrease in oil sands extraction.

The agency added that oil sands extraction decreased 3.9% in October, with lower synthetic oil production in Alberta contributing the most to the decrease.

"Production was interrupted by the commencement of scheduled maintenance activity at some synthetic crude upgraders in Alberta. Still production levels of crude bitumen remained elevated in October," the authors of the report said.

Canada's oil and gas extraction (except oil sands) increased 1.3% in October, as an increase in conventional crude petroleum extraction was partially offset by a decrease in natural gas extraction.

StatCan also reported that the domestic mining and quarrying (except oil and gas) contracted 0.7% in October as a result of a decrease in metal ore mining.

"All metal ore mining industries decreased, with the largest decline posted in copper, nickel, lead and zinc ore mining (-4.8%), followed by gold and silver ore mining (-2.1%)," the agency noted.

However, StatCan said that non-metallic mineral mining and quarrying tempered the decline in the subsector with a 2.4% increase in October, adding that non-metallic mineral mining production was led by potash mining (+4.7%), as exports of potash have increased stemming from Russia's invasion of Ukraine and resulting in a higher demand for Canadian potash.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.