Champion Iron Mine said Friday it will buy a Quebec iron ore mine for C$10.5 million ($7.65 million), just a sliver of the C$4.9 billion that Cliffs Natural Resources paid in 2011, when metal prices surged on booming Chinese demand, Reuters reported. The downturn in bulk commodities allowed Champion to negotiate a "competitive" bid, said Chief Executive Michael O'Keeffe in a statement, including C$10.5 million in cash, C$41.7 million for environmental reclamation and about C$1.1 million for bonds.

Canada moved to address growing unease about housing-market conditions in two of the country’s biggest cities, as officials here continue to grapple with the risks posed by Canadians’ high debt levels, The Wall Street Journal reported. Finance Minister Bill Morneau on Friday unveiled the latest in a series of actions Canada has taken to stem the growth of household debt, especially mortgage debt, which has reached record levels as consumers capitalize on an extended period of low rates.

Oilsands junior Laricina Energy Ltd. has settled debt obligations with the credit arm of the Canada Pension Plan Investment Board, with the result that its equity is now about 89 per cent owned by the board and its subsidiaries, it announced Tuesday, The Calgary Herald reported. The private company entered Companies’ Creditors Arrangement Act protection in March after it defaulted on a production covenant related to its CPP Credit Investments Inc. secured debt.

RioCan Real Estate Investment Trust said Monday it had reached a settlement with Target Corp. over 18 leases the Minneapolis-based retail giant abandoned when it exited the Canadian market this year, The Wall Street Journal reported. RioCan, which owns and manages the largest portfolio of shopping centers in Canada, said Target paid 132 million Canadian dollars (US$99 million) as part of the settlement, including C$92 million to RioCan and the balance to various co-owners. Target in turn has been released from indemnity agreements covering those locations.

Alberta lost 63,500 jobs in the first eight months of this year, according to government data, showing the toll weak oil prices have had on the western province, The Globe and Mail reported. The losses were the largest since the global economic crisis when the province shed 72,500 jobs over the same period in 2009. Combined with the slump in employment, the average weekly pay in Alberta fell 2.6 per cent to $1,129 in the 12 months ended in August, according to Statistics Canada’s survey of employment, payrolls and hours.

Essar Steel Algoma Inc., one of the largest steelmakers in Canada, is in talks with senior lenders over a deal to put the company into insolvency proceedings for the fourth time as its cash runs dry, according to a person with knowledge of the matter, Bloomberg News reported. The company is discussing a court filing within the next month, said the person, who asked not to be named because the talks are private. Essar Steel has sought interest from investors for a deal that would give it an immediate liquidity boost by selling receivables, another person said. The Sault Ste.

Bombardier Inc. rose after a Montreal newspaper reported that Quebec’s government will provide financial assistance to the embattled maker of the CSeries jetliner. The province will announce an unspecified aid package on Thursday, La Presse newspaper reported, without identifying the source of the information. The government had no immediate comment, while Bombardier spokeswoman Isabelle Rondeau, the spokeswoman, declined to comment via e-mail.

Royal Dutch Shell PLC said Tuesday it would abandon the construction of a major oil-sands project in Western Canada and take a $2 billion write-down, a stark reflection of the challenging economics for unconventional oil projects amid a sharp slump in crude prices, The Wall Street Journal reported. The energy giant said it would discontinue its 80,000 barrel-a-day Carmen Creek oil-sands project, citing an uncertain business environment and highlighting concerns about sufficient pipeline capacity to ship oil-sands crude to markets.

Canada’s government-owned postal agency said Monday it has put a temporary halt to plans to phase out door-to-door mail delivery in urban areas, about a week before a new Liberal government that promised to restore regular mail service comes to power, The Wall Street Journal reported. Canada Post Corp. said it is prepared to work with the government to determine how best to address challenges the postal system faces. “We remain focused on maintaining reliable postal service to all Canadians without disruption,” the agency said in a statement.

Hamilton steelworkers will get a chance to tear away the veil of secrecy surrounding a controversial deal between U.S. Steel and the Harper government on Nov. 19, The Hamilton Spectator reported. In a 12-minute hearing Monday morning the Ontario Court of Appeal agreed to a motion by active and retired salaried workers and others to hear their appeal of a lower court decision not to order the curtain listed. Monday's motion was a request for an expedited hearing of the workers' motion. The request was not opposed and a lawyer for U.S. Steel Canada did not attend the hearing.