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Since 1932
, the Prospectors
and Developers Association of
Canada (PDAC) has gathered
for an annual event in Toronto that now draws
more than 900 exhibitors and 24,000 attendees
from around the world. What was noticeable at
this year’s event was an overall increased level
in optimism that minerals and mining are on the
rebound. Minister of Natural Resources Jim Carr
echoed that sentiment and took the opportunity
to confirm the federal government will continue
the Mineral Exploration Tax Credit for another year.
Cenovus Energy
of Calgary plans to swallow
most of the Canadian assets belonging to Cono-
coPhillips in a C$17.7 billion blockbuster acquisi-
tion that builds upon a recent trend of Canadian
consolidation in the oilsands. The deal makes the
Houston-based ConocoPhillips the latest inter-
national player to reduce its exposure to Alberta’s
oilpatch. Just recently Canadian Natural Re-
sources announced a C$12.7-billion deal to buy
Alberta oilsands assets from Royal Dutch Shell and
Houston-based Marathon Oil. If nothing else, there
certainly is a lot of activity going on out west.
Enbridge Inc.
has certainly hit more than its
share of roadblocks when it comes to its pipeline
business – namely Northern Gateway – and so
the Calgary-based company seems to be diver-
sifying its interests in other resources areas. En-
bridge will invest $1.7 billion for a 50% stake in a
North Sea off-shore wind energy project off the
coast of Germany. Enbridge will initially spend
$600 million on the project this year and invest
the remaining $1.1 billion through 2019, when the
project is expected to be in service. As part of a
German government incentive program, power
generated by the 497-megawatt wind farm will
be sold at fixed prices over a 20-year period.
Ford of Canada
got a boost in the arm on
word the federal and Ontario governments will
each kick in about $100 million as part of a larger
$1-billion partnership. Prime Minister Justin
Trudeau and Ontario Premier Kathleen Wynne
announced the conditional grants of up to $102.4
million each at a Ford engine plant in Windsor,
Ont. It’s anticipated that the investment will cre-
ate 300 new jobs at Ford in the province and
protect hundreds of others.
Did you know?...
the IKEA store name comes
from a combination of the founder’s initials: In-
gvar Kamprad, plus the initials of the property and
village he grew up in: Elmtaryd Agunnaryd.
Angus Gillespie
@CanBizJournal
Editor’s
NOTE
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