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'The sooner the better' for Churchill Falls projects, Hogan says after meeting with PM

'The sooner the better' for Churchill Falls projects, Hogan says after meeting with PM

CBC03-06-2025
Newfoundland and Labrador Premier John Hogan says the Churchill Falls memorandum of understanding holds up, but federal assistance would be "great."
Hogan was in Saskatoon on Monday for the first ministers' meeting with Prime Minister Mark Carney. Nation-building infrastructure projects are on the minds of many, and Carney has said he intends to fast-track them.
The Canadian Press reported last week that Quebec Premier François Legault is expected to ask the federal government to help fund transmission lines that will connect Newfoundland and Labrador and Quebec to power generated by projects along the Churchill River.
A draft agreement signed in December says a new deal would cost Hydro-Quebec at least $33.8 billion.
Hogan confirmed that he and Legault have been discussing that idea as he spoke to reporters before Monday's conference.
"We're happy to talk about that and any assistance that can benefit Newfoundland and Labrador, our ratepayers and our taxpayers," he said. "But it is important to continue with the MOU. I want Newfoundlanders and Labradorians to know we're not taking our eye off that project right now."
Hydro-Quebec will construct the required transmission in its province, and N.L. Hydro is set to construct about 340 kilometres of transmission lines in Labrador, according to a fact sheet from the provincial government.
Whether or not the federal government pitches in to build those lines, Hogan says Newfoundland and Labrador is in good hands.
"If there can be further assistance and further discussion to make the project better, great. But if not, the project is a good project," said Hogan.
The Newfoundland and Labrador government says the proposed Churchill Falls deal will see the province earn $1 billion every year for the next 17 years.
Newly minted Energy Minister Steve Crocker says the province has an important seat at the table when it comes to providing green energy.
"Any investment in Churchill Falls would not only benefit Quebec, but it'd benefit Newfoundland and Labrador as well," said Crocker, speaking from the Energy NL conference Monday.
The minister didn't say that the province is specifically asking for the federal government to finance the transmission lines, but said Newfoundland and Labrador is working with them to ensure its resources "will contribute greatly to nation building in Canada."
In a news conference after the first ministers' meeting, Legault told reporters that he thinks the new Churchill Falls deal, and the proposed Gull Island generating station, is a project of national interest.
Carney, speaking in French, said he fully agrees with the Quebec premier.
The governments of Newfoundland and Labrador and Quebec plan to sign binding agreements by April 2026.
The prime minister said the premiers and territorial leaders discussed several projects and the federal government will assess whether they can be fast-tracked over the next few months.
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Barrick Mining reports rise is Q2 profits despite US$1-billion writedown on Mali mine
Barrick Mining reports rise is Q2 profits despite US$1-billion writedown on Mali mine

CTV News

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  • CTV News

Barrick Mining reports rise is Q2 profits despite US$1-billion writedown on Mali mine

TORONTO — Barrick Mining Corp. took a US$1.04-billion charge in its second quarter related to its loss of control of a gold mine in Mali, but still reported a rise in profit thanks to higher gold prices and an asset sale. The Toronto-based mining company said Monday it earned US$811 million or 47 cents US per diluted share for the quarter ended June 30, up from US$370 million or 21 cents US per diluted share a year earlier. Profits rose as the price it sold its gold at was up 41 per cent from last year to US$3,295 an ounce. Gold prices have climbed in large part over instability fears raised by the economic policies of the U.S. Trump administration. The higher gold price was offset somewhat by the writedown on the value of its Loulo-Gounkoto mine in Mali, after a June ruling by a judge in the country that it be placed under provisional administration for six months. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay US$370 million to the government. Since then, the government has also arrested Barrick employees, who remain detained, and suspended gold exports, but Bristow said on an conference call Monday that there was still a potential to solve the impasse outside the arbitration process. 'We're not at that stage where we don't believe that we can, you know, find a resolution,' Bristow told the conference call to discuss the company's latest financial results. 'When you're engaging and talking, there's always an opportunity. Of course, there's been some activity in Mali, which complicates the process.' He said the company continues to manage the situation in a measured and constructive manner, continuing with arbitration as it works to find a path forward. While the Mali charge weighed on results, it was also balanced by US$745-million gain in the quarter from the sale of a 50 per cent interest in the Donlin gold project in Alaska. Since quarter end, the company has also announced the sale of its Alturas project in Chile for US$50 million, while it is also in talks to sell Hemlo, its last Canadian gold mine. Bristow said there's a lot of appetite for mines like Hemlo, while the company has added significant gold reserves in recent years to make it a good time to review its holdings. 'It makes sense to rationalize your portfolio from time to time,' he said. 'And it's a good time to do it when there are buyers out there in the market.' In its latest results, Barrick noted Hemlo, which produced 32,000 ounces in the quarter, is not considered a core part of its portfolio. On an adjusted basis, Barrick says it earned 47 cents US per share in its latest quarter, up from an adjusted profit of 32 cents US in the same quarter last year. The mean analyst estimate had been for earnings of 45 cents per share, according to LSEG Data & Analytics. Revenue for the quarter totalled US$3.68 billion, up from US$3.16 billion a year earlier. Gold production in the quarter totalled 797,000 ounces, down from 948,000 a year ago. Copper production totalled 59,000 tonnes, up from 43,000 tonnes a year ago. Overall results were mixed, said RBC analyst Josh Wolfson in a note, with operating results in line with expectations while financial results were noisy in part because of the asset sales. This report by The Canadian Press was first published Aug. 11, 2025. By Ian Bickis

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