Lithium firms’ shares rise after Rio Tinto buyout rumour
The acquisition talk comes as Rio faces challenges in developing its Jadar lithium project in Serbia.
Kinder Morgan Inc. (NYSE:KMI) expects a decision from Canada’s federal government on whether its $6.8 billion Trans Mountain pipeline project will be approved or rejected soem time next month.
But even if the project gets the green light from Ottawa, Kinder Morgan Canada president Ian Anderson says it will take about three more years just to meet all the regulatory requirements and lay the groundwork for the project – and that’s only if Kinder Morgan’s shareholders agree to make a final investment decision.
“We’re nowhere near yes yet,” Anderson told a Greater Vancouver Board of Trade breakfast meeting Thursday, November 3.
Even if the project gets the go-ahead from Ottawa and shareholders, the company can expect civil unrest similar to the War in the Woods, Vancouver city Coun. Adriane Carr warned last month.
The greatest opposition comes from the mayors and councils of Vancouver and Burnaby and the Tsleil-Waututh First Nation, whose traditional territory is around Burrard Inlet, where the Westridge Marine Terminal in Burnaby would receive oil tankers.
The Trudeau Liberal government is under pressure from Alberta, however, to approve the pipeline. Alberta Premier Rachel Notley has tied her support for the Liberal government’s national carbon pricing plan to getting pipelines built.
The Trans Mountain project received a favourable recommendation in May from the National Energy Board (NEB). One of the 157 conditions is a requirement that greenhouse gas emissions from the project be offset – the first time such a condition has been required of a pipeline project.
“A decision on the pipeline is not unrelated to carbon policy announcements,” Anderson said.
Concerns persist, however, among environmentalists and ordinary citizens about the potential impacts of an oil spill on land or at sea.
Since Kinder Morgan acquired the Trans Mountain pipeline in 2005, there have been four spills along the B.C. corridor – the largest being a 250,000-litre crude oil spill into Burrard Inlet after a road crew ruptured a pipeline in 2007.
More recently, Stand (formerly ForestEthics) issued a report from physicians who raised concerns about the potential impact of an oil spill on human health.
As part of the NEB process, Kinder Morgan conducted its own human health impact study. But Stand wants Ottawa to conduct its own assessment.
When asked if Kinder Morgan would be OK with such a study being done, Anderson said the NEB has already considered health impacts.
“We did our human health risk assessment studies, we filed those, they were considered,” he said. “Other parties put in their own views on it, and it was the board’s job to look at that and come to a conclusion and a recommendation and we believe they have done that already.”
