Canada

John Irish KANANASKIS (Alberta), June 15, 2015 - Instead of creating economic insecurity through trade tensions between the United States and Europe, the European Union's President Antonio Costa stated on Sunday. Costa, speaking to reporters alongside European Commission President Ursula von der Leyen before a G7 gathering in the Canadian Rockies was a chance to discuss "some problems" among allies and friends. Costa, in response to Washington's shift of its foreign policy away from China, said that the main issue between Europe, and the United States, is European defence. We should concentrate on this. "Since this is the primary issue,...

According to BlackRock's Thursday investor day presentation, Temasek is part of a consortium backed Microsoft, BlackRock, and the tech investment company MGX, which aims to expand and invest in artificial intelligence infrastructure. Slides showed that the Singapore state investment firm has joined AI Infrastructure Partnership. This group also includes BlackRock Global Infrastructure Partners. AIP was formed in September, with the goal of investing more than $30 billion initially in AI-related project. It is one of world's biggest efforts to invest data centres and energy infrastructure needed to power AI apps such as ChatGPT. The aim is to mobilize up to...

Vermilion Energy, a Canadian gas producer, said it will sell its United States assets at a price of C$120,000,000 ($87.88,000,000). The proceeds from the sale will be used to pay off debts and complete its exit from the U.S. Vermilion Energy will be able to concentrate on its core assets, which are gas-weighted, in Canada and Europe, after the transaction closes in the third quarter. It sold its East Finn assets to the U.S. in 2023. Calgary-based company, Alberta Oil and Gas Corporation (Alberta), has raised its forecasted production for this year from 84,000 to 88.000 barrels of equivalent oil...

The company reported on Tuesday that an affiliate of Gold Reserve miner submitted a bid in the top period of the U.S. Court-organized auction for shares of the parent company of Venezuelan-owned U.S. refiner Citgo Petroleum. According to the Delaware court calendar, after the court selected a $3.7billion offer from an affiliate of Contrarian Funds this year as the starting bid, competitors may submit better bids in the topping period until June 18. The court officer who was overseeing the sale process last month stated that the resolution of parallel cases pursuing the same assets which are being auctioned off...

The wildfires in Canada's oil producing province of Alberta has reduced Canada's daily crude output by approximately 7%. The following is a list of oil production sites that have been affected so far. CENOVUS Energy - CHRISTINA LAKE SITE: On May 29, Cenovus began to shut down production of approximately 238,000 barrels a day at its Christina Lake facility south of Fort McMurray in Alberta. The company stated that it was not aware of any damages to its infrastructure, and anticipates a full site restart in the near future. CANADIAN NATURAL RESOURCES – JACKFISH LAKE: Canada’s largest oil-and-gas producer announced...

Anfield Energy’s proposed Velvet Wood uranium mining project in Utah was approved by the Trump administration on Friday following a rapid environmental review of 14 days. This is part of a process designed to speed up permitting for energy and mining projects. These studies can take many years to complete due to the potential environmental impact of uranium mining. The Canadian project is the first to be approved under an emergency process Interior Department must permit energy installations on federal land. The new procedures were created in response to the national energy emergency declared by President Donald Trump on his...

Colorado's highest Court rejected ExxonMobil’s and Suncor Energy’s attempts to dismiss a case filed by the City of Boulder to hold fossil fuel companies accountable for climate change. In a decision reached by a majority of 5-2, the Colorado Supreme Court ruled that federal law does not prevent Boulder and the surrounding counties from claiming the energy companies have violated state laws by misleading the public regarding the dangers of fossil fuels. This was only the second instance in which a state's supreme court allowed one of many lawsuits brought by local and state governments against large energy companies regarding...

Yankuang Energy, a coal miner owned by China Minmetals, announced on Monday that a unit of the state-owned company plans to invest $300m to purchase Australian potash miner Highfield Resources. The aim is to expand into potash projects across Canada and Spain. Highfield Resources announced in September that it would raise $220 from Yankuang Energy, among other parties. This deal would make the Chinese coal mining company its majority shareholder. If the agreement is completed, Qinghai Salt Lake Industry, owned by Minmetals, Yankuang and Highfield's largest shareholder EMR Capital would gain control of Highfield. Qinghai will also purchase Yankuang's Yancoal...

Suncor Energy, Canada's second largest oil producer, said that a recent campaign to cut costs had helped it weather the lower oil prices in the world. However Suncor Energy did not rule out cutting capital expenditures next year if economic conditions continue to be weak. Rich Kruger, CEO of Suncor, told analysts in a conference call on Tuesday that Suncor had not altered its capital budget range for 2025 of C$6.1billion ($4.43billion) to C$6.3billion and planned to spend less next year - between C$5.7billion - already. Kruger stated that the 2026 budget would be cut if needed. He said, "If...

Cenovus Energy, a Canadian oil and natural gas company, has reduced the number of employees in its workforce ahead of this week's release of its earnings report for its first quarter. In an email sent on Tuesday afternoon, the Calgary-based firm confirmed that it was cutting jobs. Cenovus announced that it had reviewed certain team structures and as a result, some employees and contractors have left the company. The job cuts are part of the effort to make the business more competitive in all areas and also because a number projects were completed. The company has not stated how many...

Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues...

Canadian pipeline operator TC energy missed analyst's expectations for the first-quarter profits on Thursday due to weakness in its power solutions and natural gas operations, while higher interest costs offset gains in their natural gas operations. Shares of the company listed in the United States were down by 4%. As energy demand grows in North America, the demand for electricity that is renewable and emits less pollution will also increase. TC Energy invested in ten power-generation plants with a total generating capacity of 4,600 megawatts. The company's core profit in its power and energy solutions division fell by 30%, to...

The final stages of a U.S.-court-organized auction for shares in Citgo Petroleum, the Venezuelan-owned parent company, have been reached. Bidders are submitting better offers and creditors hope to recover some of the proceeds. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the court for Venezuela's expropriations and debts. This allowed over a dozen creditors to seek compensation for nearly $19 billion. The auction, despite delays, has moved forward, particularly since last year. This is because there have been...

According to a late-released decree, Burkina Faso completed the transfer of gold mining assets from the state-owned miner to the country. This finalised a process which began in August, to increase its control over mineral resources. Burkina Faso, like its neighbours Mali & Niger, is trying to gain a greater share of their resources following the revision of its mining code in 2013. The Societe de Participation Miniere du Burkina, or SOPAMIB, was established to manage and own strategic mining assets. The five assets that were transferred to the government include two gold mines and exploration licenses owned by subsidiaries...

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over new mining laws aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold prices....

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over a new mining law aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold...

The prices of platinum and palladium have both risen this month. They are now at their highest levels in more than four years and seven months, respectively. Analysts, however, remain cautious due to the narrower base of demand for palladium. Analysts say that spot platinum traded at $1,272.45 an ounce on Wednesday 1545 GMT, its highest price since February 2021. It has increased 41% in the past year due to supply concerns, renewed interest from investors following London Platinum Week, and an increase in jewellery demand, as high gold prices are driving consumers towards cheaper alternatives. The spot palladium price,...

In an interview with its CEO on Monday, Allied Gold said it could consider other options for a deal to supply power at its Sadiola Mine in Mali due to the surge in gold prices. In February, the gold miner had signed an agreement with UAE-based Ambrosia Investment to give Ambrosia Investment a 50% stake of the mine for the installation of a new system which would have reduced the costs. Ambrosia was supposed to pay Allied Gold $500 million and $250 million upfront in cash. The deal has not yet closed. Peter Marrone, CEO of Allied Gold, said that...

Argentex announced on Monday that it had rejected a proposal by Lavide Holding NV, based in the Netherlands, to acquire a 50% stake of the British currency risk management company for 2.5 million pounds (3.39 million dollars) and a possible provision of a credit line up to 15 million pounds. The British company refused the proposal because it did not cover the entire share capital or provide sufficient funding compared with an agreement made with IFX Payments. According to LSEG, Lavide has a current market capitalisation worth 3 million euros. Argentex experienced a near-total collapse of value after it halted...

Sinomine Resource Group, China, announced on Friday that it had temporarily suspended copper smelting at its Tsumeb facility in Namibia. The group cited a shortage in concentrate due to a rapid expansion of smelter capacities worldwide. Sinomine acquired Dundee Precious Metals' Tsumeb Smelter in 2024, which is one of only a few facilities worldwide that can treat copper concentrates containing arsenic or lead. The smelter has the capacity to process up to 240,000 tons of copper concentrate per year. It previously processed metal from Chile, Peru, and Bulgaria. The global copper smelting industry has grown rapidly in the last few...

Hudbay Minerals, a Canadian mining company, announced on Wednesday that it has temporarily suspended its operations in Snow Lake (Manitoba) due to wildfires. The company also said that exploration activities have been suspended in the Flin Flon region and Snow Lake area as efforts to mitigate fires are being undertaken. The company believes that its infrastructure in Snow Lake and Flin Flon is not at risk. Rob Carter, Hudbay Canada's Senior Vice President, said: "We will monitor the situation and ensure a safe return of full operations as quickly as it is recommended." The company took these actions after the...

On Wednesday, the U.S. tariff rates on steel and aluminum imports will double as President Donald Trump intensifies a global war of trade. He also expects his trading partners to make their "best offers" to avoid harsh import tax rates for other goods taking effect early in July. Trump signed an executive order late Tuesday that will take effect on Wednesday. Last week, Trump surprised the world by announcing that he would increase tariffs from 25% to 50% on imports of steel and aluminum. "We began with 25 and after studying more data, we realized that this was a great...

Jorge Montero, Peru's Energy and Mines minister, said that he expects the mining investment to reach $4.8 Billion this year and the production of red metal to be at 2.8 Mt. In 2024, Peru produced about 2.7 millions tons of copper. This is a slight decrease from the previous year. Montero, speaking at a media conference, also mentioned the alarming increase in informal and illegal mining, specifically in the Apurimac region and Arequipa region of southern Peru. Top copper mine Las Bambas is controlled by a miner The mine is located in Apruimac. Teck, a Canadian mining company, is developing...

Ivanhoe Mines announced on Monday that it will restart a closed section of the Kakula Copper Mine in the Democratic Republic of Congo, which was shut down due to underground seismic activity. After tremors damaged underground infrastructure and caused flooding, the Canadian miner temporarily halted operations at its Kakula mine. Ivanhoe said it plans to resume operations in the west side of the Kakula Mine, where the pumping equipment has been working. Ivanhoe stated that the eastern section of mine will resume operation once the water pumping is complete. Ivanhoe's shares in Toronto rose by as much as 7.7%. After...