A few of Canada’s rare commodities could be on the line.
A federal report shows the federal government has an emergency plan for commodity prices that includes about $2.2 billion in commodity sales that could provide some relief.
The report from the federal agency’s commodities watchdog says the federal contingency plan, which is designed to ensure Canadians don’t lose their homes or businesses if the commodity markets collapse, includes more than $2 billion worth of sales in 2014 alone.
The plan includes sales of rare goods such as diamonds and gemstones, rare metals, copper and other metals, gold and silver, and rare minerals like tungsten and gold.
But it also includes sales in the public sector, including the mining sector and oil and gas, where the market is already suffering from low commodity prices.
The federal government’s plan would include sales of “special commodity sales” — including rare commodities — but it doesn’t say how much those sales would provide.
The special commodity sales are supposed to cover the cost of the goods sold in those sectors that have not yet experienced commodity price declines.
But a breakdown of how much that would cost the government is not provided in the report.
A spokesperson for the Treasury Board said the department is working with its federal partners to review the contingency plan.
“The government is committed to ensuring Canadians have access to financial security while their economic conditions are maintained,” said the spokesperson.
“It is important to note that the government does not have a contingency plan for the current commodity prices.”
The spokesperson said the government has not provided any estimates of how many of these sales might be needed to maintain its recovery.
The department did not respond to a request for comment.