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Canada's Investment in Energy Efficiency Improves Canadian Mining Industry Competitiveness – Canada NewsWire

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OTTAWA, ON, Feb. 4, 2021 /CNW/ – As the COVID-19 pandemic continues to evolve, the Government of Canada remains committed to building a clean energy future to strengthen the economy, create good, middle-class jobs and support the natural resource sectors. This commitment requires improving energy efficiency in the industrial sector to help us reach our ambitious target of net-zero emissions by 2050.

The Honourable Seamus O’Regan Jr., Canada’s Minister of Natural Resources, today announced a $40,000 investment for Iron Ore Company of Canada (IOC) to put in place an energy information system that will enable the leading North American producer and exporter of premium iron ore pellets and high-grade concentrate to reduce energy costs and greenhouse gas (GHG) emissions.

This investment will allow Quebec’s IOC to implement an energy management information system at its Sept-Îles facility that will improve its infrastructure and its systems for energy use measurement and reporting while increasing energy efficiency, productivity and competitiveness in Canada’s mining industry.

Federal funding is provided by the Energy Efficiency for Industry Program, which offers financial assistance to help fund Canadian industrial facilities’ energy management projects. The Iron Ore Company of Canada and Hydro-Québec also contributed to the project to bring the total investment to $330,000.  

IOC is a Canadian-based producer of iron ore with operations integrated across a mine and processing plant in Labrador City, Newfoundland and Labrador; a port and stockpile in Sept-Îles, Quebec; and a 418-kilometre railway that joins these two parts of the operation.

The government continues to support green infrastructure projects that will create good jobs and advance Canada’s green future. Increasing the energy efficiency of Canada’s industrial sector is a key part of Canada’s efforts to achieve net-zero greenhouse gas emissions by 2050.

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“Improvements in energy efficiency will get us a third of the way to our Paris targets. With today’s announcement, we’re working to lower our emissions and creating good, middle-class jobs.”

The Honourable Seamus O’Regan Jr.
Canada’s Minister of Natural Resources

“This is a tangible investment to protect good jobs in Sept-Îles and help the families of the Côte-Nord. It’s with these kinds of investments that we will foster a greener economic recovery, reduce greenhouse gas emissions and speed up our transition to a zero-emission future.”

The Honourable Pablo Rodriguez
Leader of the Government in the House of Commons
Quebec Lieutenant

“Improving energy efficiency and reducing greenhouse gas emissions are priorities for IOC. The new energy management information system we are implementing with the support of Natural Resources Canada and Hydro-Québec will give us a better picture of our energy consumption and help us identify opportunities to improve our environmental performance while lowering our operational costs.”

Chantal Lavoie, Chief Operating Officer
Iron Ore Company of Canada

“Hydro-Québec supports its customers’ energy efficiency efforts by offering programs that are tailored to their needs. By opting for energy efficiency, our customers improve their profitability and productivity while taking part in the energy transition to a greener economy.”

Éric Filion
President of Hydro-Québec Distribution et Services partagés

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Follow us on Twitter: @NRCan (http://twitter.com/nrcan)

SOURCE Natural Resources Canada

For further information: Natural Resources Canada, Media Relations, 343-292-6100, [email protected]; Ian Cameron, Press Secretary, Office of the Minister of Natural Resources, 613-447-3488, [email protected]; Simon Letendre, Director, Media Relations – Canada & US, Iron Ore Company of Canada, 514-796-4973, [email protected]

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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