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.
TransCanada CEO Russ Girling, told the EnergyNow program airing on Sunday that the proposed $7 billion, 3,190km Keystone XL pipeline connecting Alberta’s oil sands to refineries on the US Gulf Coast is “absolutely” going to happen and earlier the show quoted US Energy Secretary Steven Chu as saying “having Canada as a supplier of our oil is much more comforting than to have other countries supply our oil.”
The oil sands industry feeding Keystone XL has tripled in size since 1995 and the US government estimates that Canada may double its current output of heavy crude by the end of this decade. Canada currently pumps 2 million barrels per day to the US, with more than half coming from the oil sands. A final decision on Keystone XL by US President Obama is expected before the end of the year.
Earlier in September MINING.com reported that backers of the oil sands pipeline has a new weapon – Oprah Winfrey.
MINING.com reported at the end of August US State Department saying Keystone XL would not likely boost the amount of crude produced from Alberta’s oil sands, suggesting it would have limited impact on the environment.
MINING.com also reported in August because the price oil sands producers can charge for exports to the US is falling further behind the international benchmark the viability of many new projects in Alberta are threatened.
EnergyNow’s program of 18 September 2011 on the controversial Keystone XL pipeline:
Click here for the interview with the US Energy Secretary.
2 Comments
Ken Viney
How many of the greeneys will park their car and walk or bus to work to lower their carbon footprint. Thompson and other ranchers just do not want a pipeline because they just want more money and the things they way they were. A crude pipeline to Houston would reduce our dependence on Chevez Crude and that is a good thing, No?
Syncrude land damage? If I flew you in my plane from Coast to Coast in Canada in the North it takes about 8 hours at 550 miles per hour and you would see alot of rock and lakes to no end and if you flew asleep for about 2 minutes while over the Syncrude project you would completely miss the project. Put it in perspective. Now the increased production does not depend on open pit mining but on underground SAGD system which reduces any surface disturbance.
You greeney should give your head a shake and do what you can like sell that old junker you drive and buy a Camray.
Ken in Napa.
Tom Tinacci
As an oilsands investor( Suncor), as well as a pipeline welder belonging to NY Steamfitters LU 638,of which is part of the United Association pipefitters,plumbers and steamfitters of the US and Canada, covering all local unions.The views of the pipeline project should contain more facts unknown to the average reader. The proposed Keystone Pipeline will run from Alberta through the Us to Texas.The enormity of the project cannot be underestimated, and certainly Alberta will not lose jobs. Alberta, and many other Canadian provinces doing oilsands and mining projects arte not hurting for jobs, there is actually a shortage of workers for many projects . The US on the other hand is in need of jobs ,not to mention the fact that being border neighbors, all parties will benefit from this work, such as restaurants, housing, shopping of every description, all along the route. Canada was made part of the United Association many years ago mainly because of the shared projects crossing the border, by being performed in many local union jurisdictions, and will continue. A little help from positive and complete reporting will make it favorable to many,especially those unemployed.