Tuesday, April 7, 2009  
   Volume 79 - Issue 14 Website:www.passherald.ca   email: passherald@shaw.ca   $1.00   
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Quote of the Week

“If the man’s not there, someone else will do the work. If it doesn’t get done, maybe it’s not necessary.
If we haven’t done an inspection in seven years, maybe we don’t need an inspection.”

- Councillor Ian MacLeod  
- on a proposed hiring freeze   

 

A Fragile Lens- Nathen GallagherIt’s been a doom and gloom world out there for awhile now. Across Canada and the United States, people have been losing jobs and things have gotten tighter than we’re used to.
Here at home, of course, the biggest worry has centred around the coal mines across the border in B.C., which are the area’s largest employer. The mines were purchased last year by Teck, but shortly after that company took out a multi-billion dollar loan to make the purchase, the economy tanked and Teck shares dropped an astonishing amount.
Things have gotten tighter at the mines as a result. Several casual employees were laid off, and shift schedules have changed to reflect lessened demand for coal.
But there’s some good news on the horizon, coming courtesy of the land down under.
 
Spring is the time for new coal contracts to be set throughout the world, setting the prices and letting every company know what they will need to produce.
Prices are typically set in Australian and Japan first, creating a benchmark for other global companies, including Teck. With the current recession, it was feared that prices would fall as low as US $85 per tonne.
But Teck got some good news in late March, as Australian producers reportedly settled on a price of US $129 per tonne for top quality coking coal.
Financial analysts say that this could mean Teck will settle on prices in the $120 to $125 range per tonne, which is better than most were expecting.
Teck stocks have been on an upward trend as a result of this news. Does it mean the worst is over? Well ... maybe.
... for the full article, see the April 7 issue of the Pass Herald.
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   Volume 79 - Issue 14 Website:www.passherald.ca   email: passherald@shaw.ca   $1.00   
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