Tausi Insider

Hydro One Ltd. H-T reported a third-quarter profit of $307-million, up from $300-million in the same quarter last year. The power utility says the profit amounted to 51 cents per diluted share for the quarter ended Sept. 30. The result compared with a profit of 50 cents per diluted share in the third quarter of 2021. Revenue for the quarter totalled $2.03-billion, up from $1.91-billion in the same quarter last year. Revenue, net of purchased power, was $1.07-billion, up from $980-million a year ago. Hydro One is Ontario’s largest electricity transmission and distribution provider. https://www.tausiinsider.com/hydro-one-reports-307-million-third-quarter-profit-up-from-300-million-a-year-ago/?feed_id=427565&_unique_id=649b208e0dec3

Shawcor Ltd. SCL-T says it has acquired Kanata Electronic Services Ltd., a privately owned manufacturer and supplier of specialty cable assemblies and wire harnesses for the nuclear and aerospace industries. Financial terms of the deal were not disclosed. Shawcor says the Toronto-based company will be integrated into its ShawFlex wire and cable business. Kanata president Barbara Miller says the company has been a long-standing partner to ShawFlex and looks forward to an even closer working relationship. Shawcor says Kanata serves the nuclear and spacecraft industries with custom cable assemblies. The company says Kanata generated about $3-million in revenue in the first nine months of 2022. https://www.tausiinsider.com/shawcor-acquires-kanata-electronic-services-financial-terms-not-disclosed/?feed_id=330466&_unique_id=644b8c3c203fd

Critics of the recent move cite the fact that in 2019, the federal government allowed the same Chinese investor, Sinomine, to buy the Tanco mine in Manitoba, the only lithium mine in Canada. George Penner/Handout This past summer, Power Metals Corp. PWM-X chief executive officer Johnathan More fielded questions from the federal government about the roughly 5-per-cent equity position Chinese state-owned Sinomine Rare Metals Resources Co. held in his tiny exploration company. What struck him was how naive some of the queries were. “They were coming at us saying, ‘Oh, they’re buying your company, they’re taking you over?’” he said. “I’m like, ‘no.’ This is how uneducated the government is.” Patiently, Mr. More explained that Sinomine owned a tiny, non-controlling stake, worth a mere $1.5-million. He told the government the same thing anyone with an internet connection and the most basic grounding in finance could ascertain in a couple of minutes: Power Metals is a very early-stage explo...

Natural gas producers applauded a landmark settlement between the British Columbia government and the Blueberry River First Nations that will give the Indigenous group significantly more sway over projects in the province’s resource-rich Montney region, as other First Nations made ready to unveil similar deals. On Wednesday, B.C. Premier David Eby and Blueberry River Chief Judy Desjarlais announced what both called a “historic” agreement that, in addition to giving the band a formal role in natural gas projects on its territory, includes $287.5-million in funding. The deal also includes potential revenue sharing from natural gas projects in northeastern B.C., but the First Nation has not released details of those arrangements. The agreement resolves a lengthy legal dispute that came to a head when the B.C. Supreme Court ruled in June, 2021 that the province had infringed on Blueberry River’s Treaty 8 rights, which reflect agreements struck in 1899. The ruling prompted the province’...