Vedanta pays $246 million to regain Zambia copper mines
The metals and energy major plans to ramp up copper production from the mines to 300,000 tons a year and cobalt output to 6,000 tons.
Enbridge’s plan to reverse the flow of its L9 pipeline running between southern Ontario and Montreal has been delayed almost a year.
Enbridge Inc. (TSX, NYSE:ENB), Canada’s largest pipeline company, revealed Thursday that delays in the start up of a pipeline from Ontario to Quebec has hurt its third quarter results and it is likely to have a negative effect on its profit this year.
The Calgary-based company reported net loss of $609 million (US$463 million), or 72 cents a share, compared with a loss of $80 million, or 10 cents, in the same period last year.
The reversal of Line 9 pipeline, which would carry 300,000 barrel of crude a day, was expected to be in service in early 2015, but Enbridge is now targeting December.
The delay in the project, which will replace current shipments by rail or imported from abroad, will affect this year’s earning, President and Chief Executive Officer, Al Monaco, said in a statement.
However, he expects that the pipeline operator’s earnings will continue to be driven by its oil and gas transportation in the coming decades.
“Our plan is expected to generate compound average annual adjusted earnings per share growth of 11 to13 per cent and compound average annual ACFFO per share growth of 15 to 18 per cent through 2019,” Al Monaco said.
The company plans to spend $38 billion through 2019 on new projects, such as liquids and natural gas lines, as well as power generation and gas processing.
The expansions are seen key for the oil sands industry as producers are in the midst of completing several projects already underway, which will boost oil output from Western Canada in the coming year.
U.K. offshore wind project
The company, seeking to grow its renewables business in Europe, also revealed it is investing $750 million in a U.K. offshore wind project.
Enbridge will partner with a company called E.ON, as it sees green power playing a bigger role in the global energy mix.
Courtesy of Enbridge. Click on map to expand.
