Canada








Oil & Gas

Fossil Fuels

Fossil Fuels

US approves Utah Uranium Mine after Two-Week Environmental Review

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...

Energy Markets

Boulder can sue Exxon and Suncor for climate change, says Colorado's top court

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...

Fossil Fuels

China Minmetals unit bids for Australian miner to target global potash assets

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...

Fossil Fuels

Suncor, Canada's largest oil company, says it may reduce its capital expenditure in 2026 if oil prices remain low.

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...

Fossil Fuels

Cenovus Canada confirms job cuts ahead of earnings in this week

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...

Energy Markets

Canada's Imperial Oil reports a rise in profit for the quarter on higher refining margins

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...

Fossil Fuels

TC Energy's quarter profit misses due to power segment weakness

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...

Fossil Fuels

Couche-Tard opens up negotiations for Japan's Seven & i by gaining access to the books

Alimentation Couche-Tard and Japan's Seven & i have signed a non-disclosure (NDA) agreement that will allow the Canadian company to access the Japanese retailer's data in order to pursue a $47 Billion acquisition. The deal represents progress in the takeover negotiations for Couche-Tard. It operates Circle-K convenience store in Canada and in the United States, and has been trying since August to acquire Seven & i. Seven & i, the operator of 7-Eleven, said that the terms and conditions of the agreement would remain confidential. The agreement includes a clause that protects the target companies against hostile takeovers. Couche-Tard said...

Crude Oil

US court launches 30-day competition to buy parent company's shares of Citgo

According to a late Thursday court filing, a U.S. court official overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela has proposed opening a 30-day period for bids on April 28. The final winner of the process will be chosen on June 11. The Delaware Judge Leonard Stark must approve the proposed calendar. It follows confirmation of a $3.7 Billion starting bid from Contrarian Funds affiliate Red Tree Investments. Red Tree's "stalking horse" bid was selected, and the 16 creditors who remain in this 8-year old case began a fight. Some parties thought the offer was too...

Fossil Fuels

7-Eleven's owner says he will have to cut costs because US tariffs are hitting consumer confidence

Seven & I Holdings is the owner of 7-11 convenience stores. It said that it expected to have to look closely at its supply chain in order reduce costs, as U.S. customers grappled with the impact of U.S. Tariffs. Stephen Dacus, the new CEO of the Japanese retail conglomerate, told reporters that he believes they will be faced with a more challenging retail environment. Retailers will face a difficult challenge as tariffs are imposed or in the process of being imposed by President Donald Trump to reshape world trade. U.S. consumer confidence declined in April, and 12-month inflation expectations soared...

Fossil Fuels

Shortsellers target a wider range of companies before Trump's "Liberation Day"

Hazeltree, a data and technology firm, said that shortsellers had targeted a broader range of equity sectors before President Donald Trump announced his "Liberation Day", or April 2, tariff announcement. They also raised negative bets against a group of large tech stocks. Super Micro Computer was the most popular security. It knocked oil and gas producer Chevron from the top spot it held for two months. Prior to this, tech stocks dominated the top 10 list of most-shorted U.S. Large Caps. Hazeltree reported that only five of the top 10 stocks most shorted in March were tech shares, compared to...

Fossil Fuels

Seven & i's quarterly profits plummet as it tries to fend of Couche-Tard's bid

Seven & i Holdings, a Japanese company, reported on Wednesday that its fourth-quarter profits dropped by 15%. This could make it more difficult for the company to fend of a hostile takeover bid from Alimentation Couche-Tard in Canada. The earnings of the 7-Eleven convenience store operator came in slightly better than expected, but it was the fourth consecutive quarter that profits declined. Inflation has increased the price of materials in Japan and utility costs. The country also lags behind its competitors in terms of attracting customers who are price-conscious. Executives noted that the uncertainty surrounding President Donald Trump's proposed tariffs...

Environment

Environment

Solar stocks plunge after Trump's tax plan advances in US House

The shares of U.S. Solar companies dropped sharply after the House of Representatives passed President Donald Trump's tax and spending bill. This could end many green-energy subsides that supported the renewable energy industry. Sunrun shares fell nearly 41% early in the morning, followed by SolarEdge Technologies, Enphase Energy, and Complete Solaria. Maxeon Solar shares fell by 9%. Emeren Group shares dropped by 5.2%. JinkoSolar shares declined 4.7%. First Solar and Canadian Solar both saw their share prices drop 5.4% and 6.4%. Trump's budget plan, which he calls "one beautiful bill", would eliminate funding under the Biden Administration Inflation Reduction Act...

Environment

Canada's largest pension fund abandons net-zero emission target

Shift, a group of climate activists and pensioners, criticized Canada's largest pension plan on Wednesday to abandon its commitment to achieve net-zero emissions of greenhouse gases by 2050. The Canada Pension Plan Investment Board, which manages C$714.4 Billion ($516.93 Billion) in assets and has announced that it will abandon its commitment made in February 2022 of aligning operations and investments with the goal. Shift confirmed that the update, which is covered in its FAQ section, took place on Wednesday, but was unable to confirm the exact date. This action was taken after a wider reevaluation on climate goals, following the...

Energy Markets

Indian industries exchange polluted air for health fix

The first ever air pollution trading scheme in the world has produced results Experts warn against relying too heavily on market solutions The developing nations are unable to reduce air pollution Bhasker Tripathi In India, air pollution is a major health issue. The country's 1.4 million people breathe air that exceeds the World Health Organization guidelines for particulate (PM) matter. These particles are finer than human hair and can cause serious health problems such as lung cancer and respiratory infections. The average Indian loses 3.5 years in life expectancy due to pollution. The industry is a major source of air...

Mining

Mineral Resources

Mineral Resources

Panama claims that the maintenance plan for First Quantum Copper Mine is not a re-start

A top trade official announced on Friday that Panama had approved First Quantum Minerals’ maintenance plan for the closed copper mine. However, the site was not restarted. The Trade and Industry Minister Julio Molto stated that the plan includes environmental safety measures which are necessary after the abrupt shutdown by government order of the previous administration in late 2023. The mine will not be reopened. Molto said at a press briefing that we are authorizing the implementation the care and safety management plan in order to protect the environment. He did not mention the cost of the plan or the...

Mineral Resources

How Trump's Trade War is Upending the Global Economy

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal...

Mineral Resources

Canada's new Energy Minister vows to accelerate permitting and reset industry relations

In a speech Friday, Canada's new Natural Resources minister Tim Hodgson promised to speed up the approval process for major energy projects. The announcement was welcomed by oil and natural gas executives who wanted to see Ottawa rethink its regulatory approach towards energy development. Hodgson gave his first speech since joining the new Cabinet of Prime Minister Mark Carney in Calgary, Alberta. Carney, Canada's top exporter of energy, has promised to diversify markets for the sector amid a dispute over trade with Canada. The United States is Canada's No. 1 customer. Hodgson, speaking at an event organized by the Calgary...

Mineral Resources

Ivanhoe disputes Zijin's statement about Congo mine problems

Ivanhoe Mines disputed on Friday the statement made by its Chinese partner regarding problems at their Kakula Copper Mine in Democratic Republic of Congo following seismic activity. Ivanhoe stated that the press release from Zijin Mining mentions '..multiple roof falling and rib-spreading in the eastern part of the mine'. It said "Ivanhoe Mines doesn't agree with this statement". "Preliminary evidence suggests that seismic activity... caused a redistribution underground of forces and caused'scaling,' or rockfalls, from the sides of certain mining areas." Ivanhoe said Tuesday that certain mining operations at the Kakula Underground Mine had been suspended on Sunday. The Kamoa...

Mineral Resources

Sources say that the US will appoint Thomas Barrack to be a special envoy for Syria

Thomas Barrack, the long-time friend of President Donald Trump and current U.S. Ambassador to Turkey, will be appointed as a Special Envoy for Syria by the United States, according to a person in Turkey with direct knowledge and a diplomat. This decision comes after Trump's historic announcement last week of the lifting of U.S. sanctions against Syria. This decision also shows that the U.S. is acknowledging that Turkey has become a key regional player in Damascus after Bashar al-Assad was ousted by rebels last December, ending 14 long years of civil conflict. A spokesperson for the U.S. State Department said,...

Mineral Resources

Ontario budget deficit expected to double due to US tariffs

Ontario, Canada's largest province and manufacturing powerhouse forecast on Thursday its biggest budget deficit since the peak of the pandemic. It also predicted a slower transition into surplus, as the province increased spending to support the economic in a trade conflict with the United States. The Progressive Conservative Party, which rules the province, retained its power after a February vote. Premier Doug Ford called the election more than a calendar year in advance, claiming that he wanted a stronger mandate for his fight against President Donald Trump's Tariffs. Ontario exports over three quarters of its goods to the United States....

Mineral Resources

Hearing on Barrick’s Loulo Gounkoto Mines in Mali has been postponed until May 22

The president of the Malian court announced on Thursday that a hearing on the Loulo-Gounkoto mine complex owned by Barrick Mining, scheduled for Thursday, has been moved to May 22. Barrick Mining (formerly Barrick Gold) and Mali’s government are at odds over the implementation of the new mining code, which raises taxes while giving Mali’s government a larger share of the gold mines. Mali's army government, along with others in West Africa says that it wants to increase revenue from the mining industry as it feels the current arrangements are unfair. Foreign multinationals will have to comply with the demands...

Mineral Resources

Holcim shareholders approve spin-off of North American Business

Holcim's shareholders approved Wednesday the separation and spin-off of its North American business, a move designed to take advantage of increased construction spending in the United States. Almost all shareholders supported the decision to separate the company into two companies, Amrize and Holcim, which will focus on North America. Holcim will provide building materials for the remainder of the world. The spin-off should be complete by the end June. The listing will be done via a 100% share spin-off for Holcim's shareholders. The new company stock will trade on the New York Stock Exchange, and also on the Six Swiss...

Mineral Resources

Mexico expects early USMCA review to give clarity to investors and consumers

Mexico's Economy Minister said that the country hopes to begin a trilateral review with the U.S., Canada and other countries in the second half this year. This will provide more clarity for consumers and investors. On the sidelines of an event organized by the Ministry of Finance with local firms, Economy Minister Marcelo Ebrard said to journalists: "We expect that we will start discussions in second half of this year." He added, "We hope that they will happen as quickly as possible and we can come to an agreement as soon as." Next year, the USMCA will be reviewed. The...

Mineral Resources

POSCO Future M, a South Korean battery materials manufacturer, will raise $775 million via a share issue

POSCO Future M is a South Korean manufacturer of chemical and battery materials. On Tuesday, it announced that it would be issuing new shares in order to raise approximately 1.1 trillion won (775 million dollars) for its expansion both at home and abroad. This includes its joint venture with General Motors Canada. The plan states that the company will continue to invest in the future despite "political risk" in Korea and in the United States. It also says that tariffs in the United States and possible cuts in federal subsidies for electric vehicles under the Trump Administration could slow down...

Mineral Resources

US to expedite Utah uranium mining permit

The U.S. The U.S. The department announced in a press release that the environmental review of the project will be finished in only 14 days. These studies can take many years due to the environmental impact of uranium mines. The prior administration's policies of climate extremism have created an energy crisis that is alarming. "President Trump and his Administration are working quickly and strongly to resolve this crisis," stated Secretary of Interior Doug Burgum. He said that the expedited review of mining projects was exactly what we needed to ensure our energy future. The Velvet-Wood Mine Project in San Juan...

Mineral Resources

JFE Holdings, Japan's largest investment company, aims to invest nearly $3 billion overseas in growth.

JFE Holdings (parent of Japan's second largest steel manufacturer) has set aside 400 billion Japanese yen ($2.8billion) to invest overseas over a three-year period. It expects the domestic demand to remain weak, and that China's exports will continue to pressure global markets. The company stated that its key strengths outside Japan include its partnerships with JSW Steel Limited India and Nucor Corporation North America. It also plans to increase its exposure overseas through strategic local partners. It added that "in parallel with considering large scale overseas investments, such as the acquisition of raw materials interests, promising opportunities will be pursued...