By Rob Delaney

Jan. 16 (Bloomberg) -- Barrick Gold Corp. Chairman Peter Munk said Canadian miners shouldn’t expect any support from the country’s government as it seeks to mitigate Canada’s first recession since 1992.

“The ills and the problems of the mining industry are such today that they cannot be corrected by any kind of government action, be it Canadian or a global government,” Munk said today at a news conference in Toronto. “We just have to wait until the world economy improves.”

Canada’s 73-member S&P/TSX Global Mining Index has lost more than half its value since its peak on May 16, as the worsening global recession slashed demand for resources. Falling prices for base metals, including copper and nickel, have been exacerbated by a credit freeze that has made it harder for companies to get money for new mines and forced them to stop some operations and fire workers.

Munk said he was “consulted by” Finance Minister Jim Flaherty and met with Prime Minister Stephen Harper during talks involving Canada’s budget.

Flaherty, 59, will release his annual spending plan on Jan. 27. The finance minister said on Jan. 9 that that his budget will include a “substantial” deficit to help revive the economy.

Today’s news conference was held to introduce Aaron Regent as the new chief executive officer of Barrick, the world’s largest gold producer. Munk had held the top post since March, when Greg Wilkins stepped down because of illness.

To contact the reporter on this story: Rob Delaney in Toronto at robdelaney@bloomberg.net.