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(Kitco News) – According to Statistics Canada (StatCan), the domestic mining, quarrying and oil and gas extraction edged down 0.1% in May.
StatCan said that the decline followed three consecutive months of growth, as a decrease in oil and gas extraction more than offset gains in mining and quarrying and support activities.
According to the report, oil and gas extraction contracted for the first time in four months, down 1.4% in May. Oil sands extraction decreased 3.4% following strong growth in April.
StatCan noted that synthetic oil contributed the most to the decline in oil sands extraction as maintenance at a number of upgrading facilities that started in April continued through May, affecting the output.
Oil and gas extraction (except oil sands) rose 1.4%, up for a fourth month in a row. Higher extraction of crude oil and natural gas contributed to the growth.
The domestic mining and quarrying (except oil and gas) subsector rose 1.6% in May, as a result of increases in metal ore mining (+3.0%) and non-metallic mineral mining and quarrying (+1.1%). Both benefitted from increased exports of metal ores and non-metallic minerals in May, StatCan said.
Support activities for mining, and oil and gas extraction increased 3.5% in May, the fourth consecutive monthly gain, as all forms of support activities were up.
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.
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