Xstrata Copper to close Timmins smelter; 670 to lose their jobs

[CHIMO]

Xstrata Copper Canada announced Monday it will permanently cease operation of its copper and zinc metallurgical plants at the Kidd Metallurgical Site in Timmins on May 1, 2010, in a rationalization of its Canadian metallurgical operations.

The Kidd mine and concentrator will remain in operation.

"Global smelting overcapacity is driving treatment and refining charges to record lows while the costs to operate and maintain these facilities continue to increase," Claude Ferron, Chief Operating Officer for Xstrata Copper Canada, said in a release.

"Our situation in Canada is exacerbated by a strengthening Canadian dollar. The requirement for further capital investment in these plants and lower sale prices for some byproducts, including sulphuric acid, have also negatively impacted the viability of these operations.
http://www.thesudburystar.com/ArticleDisplay.aspx?e=2210359

They are not leaving because they can't make money. They are leaving because they can make more money somewhere else.
Celanese didn't close because they couldn't make money. They closed because they could make more somewhere else.

Suncor is shipping unprocessed tar sands to the US because they can make more money that way.

China will ship unprocessed tar sands to China because they can make more money that way.

Wake up.

The resources belong to us. They are ours to use as we wish. It is a political decision. Not a decision by banksters.