“Our company has a strategic position in the trillion-dollar Sudbury Basin which by far, is the richest mining district in North America,” observes Terry MacGibbon, executive chair of FNX Mining Company Inc. “With China’s and eventually India’s voracious hunger for metals, expected to last for decades, the long-term growth and future of our company on solid ground.”

MacGibbon’s dedication to the region is proudly on display in the front lobby of the company’s University Ave. head office – adjacent to Toronto’s high-rise financial core where many of the country’s top mining analysts and investors work – with a bold eight-by-four sculpted wall hanging in the shape of the famous Sudbury Basin.

“Most Canadians don’t realize the Sudbury Basin is a global ‘metallic super power’ and that there are many incredibly rich mineral deposits still to be discovered here. This 120 year old mining camp will be producing nickel, copper and platinum for at least another century if not more,” he said.

With two operating mines on the north range of the Sudbury Basin, another mine ready for production in 2008 and two other promising deposits in the district, many have overlooked the phenomenal growth of FNX Mining.

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With such turmoil on global stock exchanges, one might wonder if Xstrata CEO Mick Davis and Vale CEO Roger Agnelli are trying to perform their proposed merger/takeover – difficult enough at the best of times – on the deck of a financial Titanic.

On Monday, many stock exchanges around the world witnessed the worst single day decline since the terrorist attacks of September 11, 2001. The TSX saw $90 billion evaporate while European exchanges wiped out $300 billion. In total, trillions of dollars in investment value were lost. The U.S. exchanges were closed for a holiday.

The “American contagion” as many are calling this stock market slaughter – due to the U.S. subprime mortgage fiasco and collapsing property values – continued Tuesday morning around the world including American exchanges. Read the rest of this entry »