Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canada’s Resources Minister Joe Oliver is in Washington this week and by the looks of it he’s trying to woo US lawmakers and warm them up to the idea an oil pipeline.
Oliver told Wall Street reporters that he was “ready and eager to work with Americans on a whole host of issues, including the development of our non-conventional resources.” The big resource in question is Canada’s oil sands bitumen which the country hopes to transport through the continent via the proposed Keystone XL pipeline.
But the minister wouldn’t say much more about his meeting with US Energy Secretary Ernest Moniz.
Last week Canadian Prime Minister Stephen Harper did his best to win the blessing of US President Barack Obama. Harper sent a letter proposing “joint action to reduce greenhouse gas emissions in the oil and gas sector,” CBC News reports.
According to the CBC report, Canada is willing to accept emissions reduction targets set by the US. Oliver later clarified with the CBC that this was not to be seen as a “concession” on behalf of the Canadian government.
TransCanada Corp (TSE:TRP), the company behind the $7 billion proposed pipeline, would connect Alberta deposits with refineries in Texas.
But Obama has noted his hesitancy more than once. In June the President said he would not support the project if it were to “significantly exacerbate the problem of carbon pollution.”
“The net effects of the pipeline’s impact on our climate will be absolutely critical to determining whether this project is allowed to go forward,” he said.
Image from Wikimedia Creative Commons
3 Comments
KDM
Why as Canadians are we held at ransome to the Americans? Where people come up with the idea its dirty Canadian oil? Take a look around the world at the oil industry,Canada has some of the toughest regulations for the industry. Would the Americans sooner transport their oil needs from the middle east from countries they always seem to be at odds with? or from a safe reliable source? Canada needs to build pipelines east and west for markets overseas and stop relying on the USA for all our exports of natural resources
Tim Gaynor
Maybe the actual, real benefit to the USA and its citizen’s will be a part of discussion? Maybe it makes more sense today to partner USA , maybe share distribution with the USA.
WWW III is on hold right now. A small window of opportunity exist.
KDM
We as Canadians have always parterned with USA and shared our natural resources which they desperately want and need. But with all these do gooders ( Hollywood movie stars) jumping on the band wagon then its dirty oil and the Keystone is a terrible thing. I woud sooner be transporting oil through a pipeline than any other means of transportation that exists. I have built pipelines and i know how much enviromental care and professionalism goes into building and maintaining these lines,their are no shortcuts taken in building pipelines.