HudBay Minerals reports Q1 Loss |
- HudBay Minerals reports Q1 Loss
- There can be “economic benefits” from oil spills — Kinder Morgan
- UNESCO to place Great Barrier in high risk list unless Australia steps up protection efforts
| HudBay Minerals reports Q1 Loss Posted: 01 May 2014 09:18 AM PDT Canadian HudBay Minerals (TSX, NYSE: HBM) logged Wednesday a first-quarter net loss of $27.2 million or $0.15 per share, compared to a profit of $1.9 million or $0.01 per share last year. Total revenue for was $106.8 million, $13.1 million lower than last year. The company stated this decrease was primarily due to lower sales volumes and lower copper prices compared to the first quarter of 2013. Hudbay is an integrated mining company with operations, development properties and exploration activities across the Americas. The company opened at 8.76 on Thursday.  |
| There can be “economic benefits” from oil spills — Kinder Morgan Posted: 01 May 2014 09:08 AM PDT  Westridge Marine Terminal, Burnaby, BC | Creative Commons image by D70 Kinder Morgan's (NYSE:KMI) assertion that oil spills could bring economic benefits is triggering heated reactions. The company's statement, part of its $5.4 billion proposal to the federal government submitted Tuesday, also acknowledges a spill could have negative consequences for the environment and nearby communities. However, in the 15,000-page document, the company insists that a risk assessment and 60-year history operating the existing pipeline has shown "the probability of a large pipeline spill is low." Sierra Club campaigns director Caitlyn Vernon, said in a statement that Kinder's view on oil spill is "an outrageous insult" to British Columbians. "While marketing professionals might find lucrative work trying to rebrand an oil-drenched B.C. coast, a spill would put at risk more than 200,000 jobs in the lower mainland that depend on our clean, beautiful environment.
But Kinder Morgan senior director of marine development Michael Davies told 24Hours the comments were part of a requirement for the application. "No spill is acceptable to us and while we are required by the National Energy Board to explore both the positive and negative socio-economic effects of a spill, it in no way means we accept the inevitability of a spill, nor justify one," he was quoted as saying. If approved, the expansion project will nearly triple the capacity of the 1,147 km Trans Mountain pipeline from 300,000 barrels per day to 890,000 barrels per day. To accommodate the increased oil, Kinder Morgan is proposing to build a new pipeline from Edmonton, Alberta, to the Burrard Inlet in Burnaby, B.C., create new and modified facilities and add three berths at the Westridge Marine Terminal in Burnaby. The pipeline carries a variety of hydrocarbon products including diluted bitumen from the Alberta oil sands. Excerpts from the company's application to the National Energy Board for expansion of the Trans Mountain pipeline were published Wednesday by Press Progress. |
| UNESCO to place Great Barrier in high risk list unless Australia steps up protection efforts Posted: 01 May 2014 04:00 AM PDT
The United Nations has frozen plans for placing Australia's Great Barrier Reef on its list of world heritage sites at risk, despite condemning government plans to dump huge volumes of mud and rock in nearby waters as part of the Abbot Point coal port expansion. The recommendations, published Wednesday by the UN's heritage and educational body UNESCO, have triggered a wave of polarized reactions, with the government, ocean scientists and the UN body all claiming victory. UNESCO feels it has pushed the Australian government to take to heart its concerns. The UN body is especially worried about the federal authorities decision to allow dredging and dumping of 3 million tonnes of dredge spoil in reef waters, as part of the port expansion. "Given the range of significant threats affecting the property and the conflicting information about the effectiveness of recent decisions and draft policies, significant concern remains regarding the long-term deterioration of key aspects," the report says. UNESCO highlights the Great Barrier Reef should be placed on its "in danger" list, but recommends its World Heritage Committee to give the Australian government until 2015 to accelerate efforts to protect the ridge, which has lost over 50% its coral cover over the last 30 years. The government, in turn, welcomed the "positive" report as it acknowledges the work that both the state and federal governments have been doing over the past year. The Queensland environment minister, Andrew Powell, told the Brisbane Times he was confident the reef would not be listed. "We always knew the final decision by UNESCO would be made in 2015, but what [the report] shows is that the campaign of lies and misinformation, the hysteria, the false claims being portrayed by WWF and other conservation groups, is not having the effect that they think it should, because UNESCO simply is not listening," Powell was quoted as saying. In 2011, the UN body expressed "extreme concern" about the health of the Great Barrier Reef, a world heritage protected site since 1981. The criticism came after a coal-seam-gas processing hub was approved near Gladstone, and several coal-port developments were proposed along the coast to supply booming demand for raw materials from Asia. Since then, several companies including Glencore Xstrata (LON:GLEN) and Rio Tinto (ASX:RIO) have either scaled back or abandoned projects in the area, especially after coal prices plummeted. The World Heritage Committee will make its final decision on the status of the reef at its annual meeting in Doha, Qatar, June 15-25. |
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