Impala plans to close Ontario palladium mine due to low prices
The South African company currently employs about 750 people at the mine north of Thunder Bay, Ont.
The operation includes underground and surface mining operations and a concentrator.
Impala Canada says due to a prolonged period of low palladium prices the business is not generating the cash flow required to sustain the operation.
In a message to employees last week, Impala Canada chief executive Tim Hill said there is still plenty of work to be done in the operation and responsible closure of the mine.
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The latest local business news and a lookahead to the coming week.
He thanked workers for their commitment and safety performance.
This report by The Canadian Press was first published July 9, 2025.
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SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account First, what is the democratic deficit? It is the fact that Canada is being run by one guy, Prime Minister Mark Carney, who calls all the shots. In other democracies around the world, elected representatives are working as you read this. In France, committees of elected deputies are reviewing spending and budgets (we don't even have a budget). In Britain, MPs are in London, making trouble for the incompetent Labour government. In Washington, Members of Congress are is session, debating the issues of the day. Where are Canadian MPs? In their ridings, or on the beach. Yes, some are working with constituents, but what about holding the PM to account? They sat for four weeks in the spring, then left Ottawa, promising to return mid-September. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Who is making the decisions in the all-important battle with Trump, that will shape Canada for generations? Carney. Who is making decisions on spending? Carney. Who is making decisions on immigration? Carney. Who is making decisions on law and order matters? You guessed it: Carney. Now, as some readers will say, what about his cabinet? Except for a few strong ministers, Carney's cabinet has been reduced to a dispirited rag-tag band of MPs revelling in their good fortune of having been elevated, but with very little decision-making authority. This is not all the fault of Carney. It started with Trudeau One, and was finely-honed to its present autocracy by his son, delegating all decisions to his unelected assistants. 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Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account After a quarter-point cut in March, the central bank held its benchmark interest rate steady at 2.75 per cent in April and June. With last month's jobs figures showing a surprise gain and core inflation levels holding steady at around three per cent, economists now broadly expect the central bank will continue its holding pattern at its next decision on July 30. The central bank lowers its policy rate when it wants to encourage spending and boost the economy but keeps borrowing costs elevated when there are concerns inflation could pick up steam. Most economists expect the Bank of Canada will deliver at least one or two more quarter-point cuts in the months ahead. Lower rates would help shore up the economy in the trade war, the argument goes. 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CTV News
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'Rate cuts would probably be inappropriate in an economy like that,' Donald said. Instead, RBC argues that markets like Windsor need the precision of fiscal policy support from the government. The Bank of Canada has already delivered 2.25 percentage points of interest rate cuts over the past year, and that support is only now starting to filter into the economy, Donald said. The central bank can now hand the baton to the federal government without having to provide much more support for the economy, she said, unless signs of a broader downturn start to materialize. Donald said RBC has a more optimistic view of the economy than some other forecasters, expecting growth to pick up through the rest of the year thanks to resilient consumer spending and an expected rebound in business confidence. But Oxford Economics, which expects Canada is already in a recession that will persist through the rest of the year, also expects no further interest rate cuts from the central bank. 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Brown said he expects the policy rate will likely drop to 2.25 per cent before the central bank's easing cycle is done, giving the economy some tailwinds through the trade uncertainty. Donald believes the Bank of Canada is well positioned at the middle of its neutral range — able to pivot lower with a couple of interest rate cuts as needed or keep rates elevated if inflation proves stubborn in the months ahead. She said she doesn't expect interest rate hikes will be in the cards anytime soon, but argues the Bank of Canada maintains overall flexibility by keeping its policy rate on hold until the data tells it which way to move. 'They could choose to stay at this level for the next one to two years waiting for the next shock, which could go in one direction or the next.' Craig Lord, The Canadian Press
