Trans Mountain eyes pipeline capacity increase by early 2027
(Bloomberg) — The Trans Mountain pipeline could handle an additional 75,000 barrels of crude a day by a early 2027, the government-owned company's top executive said, potentially helping Canadian oil producers expand shipments to non-US markets.
Article content
Chemicals that make crude flow more easily through the line could be used in less than two years as a first stage of the capacity increase, Trans Mountain CEO Mark Maki told reporters at a conference in Calgary. After that, increased pumping power could boost flows to about 1.14 million barrels a day, but that would require dredging the nearby waterway to allow tankers to carry more oil.
Article content
Article content
Article content
Trans Mountain, running from Alberta to a marine terminal near Vancouver, had its capacity increased to as much as 890,000 barrels a day when a twin pipeline was completed along its route a year ago.
Article content
Article content
Dredging 'reduces the number of tankers that have to transit,' Maki said. 'It's an important piece' of optimizing the line.
Article content
Pressure has been growing for Canada to find new export outlets for its oil since President Donald Trump threatened tariffs on the country earlier this year. Canada ships most of its oil to the US due to a lack of pipelines to domestic ports.
Article content
Alberta Premier Danielle Smith is pressing Prime Minister Mark Carney for a new 1 million barrel-a-day line running from Alberta to the northern British Columbia city of Prince Rupert and is offering to backstop the project by pledging oil for the line that the province collects as royalties. Alberta has reached out to pipeline companies about building such a new line, she said Wednesday.
Article content
Article content
'She's talked, I'm sure, to every pipeline company, including us,' Maki said. Optimizing 'the existing kit is the first priority for us.'
Article content
The Trans Mountain system is running at about 85% of its capacity because western Canadian oil production hasn't yet increased enough to fill the system, Maki said. Trans Mountain projects the system will fill by 2027 or 2028, he said.
Article content
The Canadian government — which acquired Trans Mountain in 2018 when previous owner Kinder Morgan Inc. threatened to scrap the expansion amid opposition in BC — has pledged to sell the pipeline. Such a sale shouldn't be done too quickly, Maki said. Trans Mountain's value would increase once it's optimized and final tolls have been set, he said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
9 minutes ago
- Globe and Mail
Novo Nordisk expands lawsuits in U.S. against weight-loss drug compounders
Danish drugmaker Novo Nordisk NVO-N said on Tuesday it has filed 14 new lawsuits in the U.S. against the sale of unapproved versions of semaglutide, the main ingredient in its popular weight-loss and diabetes drugs, Wegovy and Ozempic. The new lawsuits target companies producing compounded versions of semaglutide 'under the fake guise of personalization,' Novo said. Novo told Reuters its filing lawsuits against telehealth firms, compounding pharmacies and medical spas, including Prism Aesthetics, Mochi Health and Fella Health. Some of these companies have also been named in Eli Lilly's lawsuits, which accuse them of selling knockoff versions of tirzepatide, the active ingredient in Lilly's weight loss drug Zepbound. However, Novo has not filed a lawsuit against major telehealth firm Hims & Hers HIMS-N, which extended its losses nearly 11 per cent in afternoon trade after reporting weaker-than-expected quarterly revenue. Compounders copy brand-name medicines that are in short supply by combining, mixing or altering drug ingredients to meet demand. These companies were temporarily allowed to produce compounded doses of Novo's obesity and diabetes drugs when the Food and Drug Administration declared them in short supply. When the agency later banned the sale of these copies, Hims and Hers shifted to creating versions of semaglutide in personalized doses not offered by branded manufacturers. Novo's lawsuits allege that telehealth providers violate state corporate practice of medicine laws by improperly influencing doctors' decisions and steering patients toward knockoff compounded 'semaglutide' under the guise of personalized medicine. Novo said these are unapproved knockoffs, often made with illicit foreign active pharmaceutical ingredients (API), and have not been proven safe or effective.
Cision Canada
34 minutes ago
- Cision Canada
First Mining Closes Upsized $24.4 Million Non-Brokered Private Placement
VANCOUVER, BC, Aug. 5, 2025 /CNW/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has upsized and closed its previously announced non-brokered private placement financing raising total gross proceeds of approximately $24.4 million (the " Offering"). Together with the previously closed public offering of $12.0 million on July 22, 2025 (the " Public Offering"), the Company raised a total of $36.4 million between the Offering and the Public Offering. Pursuant to the Offering, the Company issued 95,000,000 units of the Company (the " Units") at a price of $0.18 per Unit for gross proceeds of $17,100,000 and 33,350,000 flow-through units (the " FT Units") at a price of $0.22 per FT Unit for gross proceeds of $7,337,000. Each Unit will consist of one common share of the Company (a " Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a " Warrant"). Each FT Unit will consist of one FT Share (a " FT Share") and one-half of a Warrant. Each Warrant will entitle the holder to acquire one Common Share of the Company at a price of $0.27 per share at any time prior to the date which is 36 months following the applicable closing date of the Offering. Each FT Share will qualify as a "flow-through share" within the meaning of the Income Tax Act (Canada). The net proceeds from the sale of Units under the Offering will be used to advance First Mining's Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes. The gross proceeds from the sale of FT Units will be used to incur eligible "Canadian exploration expenses" that qualify as "flow through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (" Qualifying Expenditures") related to the Springpole and Duparquet gold projects on or before December 31, 2026. All Qualifying Expenditures will be renounced with an effective date no later than December 31, 2025 to the initial purchasers of the FT Units. All of the securities issued under the Offering are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About First Mining Gold Corp. First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a final Environmental Impact Statement / Environmental Assessment for the project submitted in November 2024, and the Duparquet Gold Project in Quebec, a PEA-stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Firefly Metals Ltd.) and the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.). First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp. ON BEHALF OF FIRST MINING GOLD CORP. Chief Executive Officer and Director Cautionary Note Regarding Forward-Looking Statements This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the use of proceeds from the Offering, the tax treatment of the FT Shares and the Company's plans related to its Springpole and Duparquet projects. All forward-looking statements are based on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation the Company's ability to close the Offering, the Company's business, operations and financial condition potentially being materially adversely affected by the outbreak of epidemics, pandemics or other health crises, and by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of epidemics, pandemics or other health crises, that may result in a slowdown or temporary suspension of operations at some or all of the Company's mineral properties as well as its head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities, indigenous populations and other stakeholders; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; title to properties.; and the additional risks described in the Company's Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at and in the Company's Annual Report on Form 40-F filed with the SEC on EDGAR. First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
Toronto Star
35 minutes ago
- Toronto Star
Prime Minister Mark Carney announces support measures for softwood lumber industry
KELOWNA - Prime Minister Mark Carney's government is preparing financial supports for the forestry sector as the United States ratchets up duties on Canadian softwood lumber. Carney is promising an aid package for the industry that includes $700 million in loan guarantees and $500 million for long-term supports to help companies diversify export markets and develop their products.
