Wednesday, January 13

Stocks to Watch

Energy, Stocks to Watch

Michigan wants Enbridge to pledge funds in case of oil spill

TRAVERSE CITY, Mich. — Michigan sought a pledge Friday from Enbridge Inc. to cover costs that would arise if oil were to leak from its dual pipelines that extend across a channel linking two of the Great Lakes. Department of Natural Resources Director Dan Eichinger asked the Canadian pipeline company to carry $900 million of liability insurance and set aside about $1.88 billion in additional assets for use as needed in the event of a catastrophic spill. The twin pipes run along the bottom of the 4-mile-long (6.4-kilometre-wide) Straits of Mackinac, which connects Lake Huron and Lake Michigan. They make up one segment of Enbridge’s Line 5, which carries oil and liquids used in propane between Superior, Wisconsin, and Sarnia, Ontario. Enbridge says the underwater section, laid in 1953, i...
Mining, Stocks to Watch

Yamana says Canadian Malartic gold mine exceeded post-COVID production targets

TORONTO — Yamana Gold Inc. says the Canadian Malartic mine in Quebec has ramped up production more quickly than anticipated following a COVID-related shut-down. The mine, one of North America’s largest gold producers, milled more than 60,000 tonnes per day of ore in both May and June, partially offsetting the down time and ramp-up in production that began April 15 after the province allowed work to resume. Yamana estimates its total gold production for the second quarter was 164,141 ounces, including Canadian Malartic and its four South American mines. Silver production was estimated at about two million ounces. Yamana says all of the mines exceeded planned production targets in the second quarter and it continues to expect more production, improved costs and significant cash flows ...
Energy, Investment, Oil & Gas, Stocks to Watch

Shell’s Quest carbon capture project hits milestone of five million tonnes

CALGARY — Shell Canada says the Quest carbon capture and storage project north of Edmonton has reached the milestone of five million tonnes of stored carbon dioxide, equivalent to the annual emissions of about 1.25 million cars. It says the accomplishment was achieved ahead of schedule and has been attained at a lower cost than expected. Quest opened in 2015 and cost about $1.35 billion, backed with $745 million from the Alberta government and $120 million from Ottawa. Majority ownership of the project was sold to Calgary-based Canadian Natural Resources Ltd. in 2017, along with most of Shell’s Alberta oilsands assets, but Shell retained a 10 per cent interest and is still the operator. It says the cost to operate Quest is about 35 per cent lower than what was forecast in 2015 and, ...
Mining, Stocks to Watch

Detour gold mine addition boosts Kirkland Lake second-quarter production – Canadian Investor

TORONTO — Shares in Kirkland Lake Gold Ltd. jumped by 5.2 per cent to $59.71 on Tuesday after it reported higher-than-expected gold production in the second quarter ended June 30. The Canadian company’s output of 329,800 ounces was 54 per cent higher than the same period in 2019, thanks mainly to its purchase of Detour Gold Corp. for $4.34 billion in stock early this year. The Detour Lake open pit gold mine in northeastern Ontario contributed 132,000 ounces to Kirkland Lake’s quarterly total, while its Fosterville mine in Australia produced 155,000 ounces, a 10 per cent increase from the year-earlier quarter as more tonnes of ore were processed. CEO Tony Makuch said operations at Detour Lake were reduced in March due to COVID-19 measures but they recovered...
Financial, Stocks to Watch

Most actively traded companies on the TSX

TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (15,622.40, up 107.18 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Up 1.5 cents, or 3.57 per cent, to 43.5 cents on 7.9 million shares. Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up 51 cents, or 2.17 per cent, to $24.06 on 6.7 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Down six cents, or 0.32 per cent, to $18.41 on 6 million shares. Baytex Energy Corp. (TSX:BTE). Energy. Unchanged at 69 cents on 5.9 million shares. Kinross Gold Corp. (TSX:K). Materials. Down five cents, or 0.51 per cent, to $9.75 on 5.6 million shares. Suncor Energy Inc. (TSX:SU). Energy. Down 15 cents, or 0.66 per cent, to $22.74 on 5.3 million shares. Companies in the ...