Energy
First Nations blast Clark’s pipeline stance
B.C.’s First Nations Summit has lashed out at Premier Christy Clark’s new minimum requirements for a heavy oil pipeline in B.C.
Those requirements include securing a “fair share” of economic benefits for B.C., world-leading practices for marine spill prevention and response and meeting legal requirements for aboriginal and treaty rights.
Chief Doug White of the Summit’s political executive said the government has failed to appreciate the degree to which First Nations object to pipeline projects.
Energy
Clean Energy Act OKs natural gas at LNG plants
The province has updated the Clean Energy Act to allow the use of natural gas to power liquefied natural gas (LNG) plants.
With the passing of new regulations, LNG export facilities and electricity used to power them are excluded from the act’s requirement to use 93% clean and renewable energy. According to the government, the move ensures that the LNG industry can access “a reliable, timely and cost-competitive mix of gas-fired and renewable power generation to meet its large electrical demand.”
Mining
Licence to allow Rio Tinto Alcan tunnel work
The B.C. government issued Rio Tinto Alcan with an amendment to a water licence July 19, clearing the way for the company to resume work on its Kemano back-up tunnel project.
The company uses electricity to power its aluminum smelter at Kitimat. The government said that with the amendment Rio Tinto Alcan will direct its 110 workers back to the work site and expedite a return to a full construction schedule.
It emphasized that the amended licence does not authorize any other works or provide any increase in water rights.
Mining
Commodity prices lower Teck Q2 profits
Vancouver-based Teck Resources Ltd.’s (TSX:TCK.A and B) profits fell to $312 million in 2012’s second quarter compared with $663 million in the same quarter last year. The drop results in part from low commodity prices and global economic uncertainty. Revenue from operations was $2.6 billion compared with $2.8 billion a year ago. Teck CEO Don Lindsay highlighted record quarterly copper production, a “significant” increase in coal sales and settlement of labour agreements at the company’s Trail and Cardinal River operations.
Energy
Quebec company to acquire B.C. project
Quebec-based Boralex Inc. (TSX: BLX) is set to acquire Sequoia Energy Inc.’s 22MW run-of-river hydroelectric project near Gold Bridge.
Boralex’s core business is developing and operating renewable energy power stations.
The acquisition will require investments of $60 million and will generate approximately 70 GWh annually. All of the main permits have been secured and construction work is set to begin shortly.
