LONDON — Oil rose above US$42 a barrel on Friday, hitting its highest this year and extending a rally right into a fourth week on expectations of the production freeze by major exporters, stronger seasonal demand and dollar weakness. The oil price crash is over – allow the recovery of Alberta’s hard-hit economy begin Gary Lamphier: After a brutal 75-per-cent ...

CALGARY – Canadian junior gas and oil producer Terra Energy Corp on Monday turn off production, ceased operations and announced the resignation of directors and officers, after its lender, Canadian Western Bank, demanded full repayment of their debt. Terra, that was producing around 3,600 barrels of oil equivalent from the operations in western Alberta and north-eastern British Columbia, said that ...

ATHENS – Canadian miner Eldorado Gold’s Greek unit Hellas Gold said on Tuesday it was granted a licence from Greece’s environment and ministry because of its Olympias mine project. The Vancouver-based miner had been in a dispute using the Greek government over plans to develop gold mines inside a forested area in northern Greece, with Athens voicing environmental concerns within ...

Edmonton-based dealership group AutoCanada Inc. is undertaking an administration overhaul in the middle of a significant sales slump, with the company predicting conditions will get worse prior to them getting better. The company announced that Steven Landry – who previously spent 27 years at Chrysler Group, together with a stint as president of Chrysler Canada – will require over as ...

French’s ketchup may soon be considered the best Canadian food product. The multinational corporation which makes the condiment is getting ready to announce plans to begin bottling some of it in Ontario. The announcement follows an uproar in the last two weeks that triggered a consumer movement to buy French’s ketchup, containing tomatoes grown and processed in Leamington. That forced ...

Roger Agnelli, who presided over an unprecedented decade of growth throughout the commodities boom that entrenached Brazilian mining company Vale SA as the world’s largest iron-ore producer, has died. He was 56. Vale confirmed Agnelli’s death on Sunday, each day after he and six others – including his wife, son and daughter – were killed in a Sao Paulo plane ...

TORONTO – Kinross Gold Corp. says it’ll mount a legal defence of its Maricunga mine in Chile, which faces the loss of its water source inside a drought-ridden area of the country if an environmental regulator gets its way. The Toronto-based company says a stop by groundwater levels in the region is unrelated to the mining operation, which it says ...

Canadian junior mining companies can breathe a sigh of relief as Budget 2016 extends a tax break for exploration firms that finance their exploration using so-called “flow-through” shares. The federal government has extended the 15 percent mineral exploration tax credit, that was slated to expire on March 31, ’till the end of March 2017. “With all this is a challenging ...