We may never know what finally persuaded Prime Minister Brian Mulroney to announce his resignation, but we hope it had nothing to do with the current languishing conditions of the mining industry.
First elected in 1984, Mulroney rode the wave of improving economic times, oversaw the “great” flow-through period of Canadian mining history and observed gold’s rise to US$500 per oz. He also took in the October, 1987, market crash.
On the political side, his government negotiated a free trade agreement with the U.S. (current negotiations would make Mexico a member of the pact) and brought in the GST. Disappointments would have to include failure to conclude the Meech Lake and Charlottetown constitutional agreements.
The former president of the Iron Ore Co. of Canada knew when his time was up. Now, it will be someone else’s turn to catch the upswing in the economic cycle which is sure to follow.
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