Tag: Deundre

Philanthropists donate 6M to Jo Brant

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The expansion and renovation of Burlington’s Joseph Brant Hospital has received a $6 million boost.Ron Joyce and David Braley are each contributing $3 million to the Joseph Brant Hospital Foundation. Joyce is the co-founder of Tim Hortons, while Braley is a former senator and owner of Orlick Industries and two CFL teams: the Toronto Argonauts and B.C. Lions.The hospital is building a new surgical wing along with a seven floor patient tower and more than 60 additional beds at a cost of $60 million.

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Nick Reilly CBE to be new president of SMMT

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Nick Reilly CBE, is Chairman of the Adult Learning Inspectorate (successor to the Training Standards Council), and a member of the Commission for Integrated Transport. Nick Reilly CBE, Chairman and Managing Director of Vauxhall Motors, has today been inaugurated as the new President of SMMT. He succeeds John Neill CBE, Chief Executive of Unipart Group of Companies in the honorary role, leading the motor industry trade association for the next 12 months.Commenting on his appointment at the Society’s Annual General Meeting, Nick Reilly said, ‘I am delighted and honoured to take on the influential role as President of the SMMT at a time of great challenge and opportunity for our industry. I look forward to working with my counterparts in all sectors of our industry to show the vital contribution we’ve made, and will continue to make, to the creation of wealth and prosperity for the British economy.‘But, we’re all responsible for the world in which we live. As an industry we have to ensure that we can sustain and develop companies that take their social and environmental responsibilities as seriously as the balance sheet. As President of the SMMT, I will continue to champion the groundbreaking Sustainability Strategy which is helping to ensure a prosperous future for all UK industry.‘SMMT has a key role to play in telling people about the strategic contribution that our industry makes to the British economy. I hope that we will be able to play a leading and constructive role in this process with the government. The result should be a more creative and dynamic relationship, from which we will all gain.’‘I want to thank John Neill for his statesmanlike and positive role during his term as President, when the motor industry went through some difficult times. SMMT is excellently led by Chief Executive Christopher Macgowan and his team, and I look forward to working with them during my time in office to continue to provide value and vital services to the membership.’* * * * *Notes to Editors Nick Reilly CBE, joined General Motors in 1975, working at Detroit Diesel Allison Division in Wellingborough. After assignments overseas in Belgium, Mexico and the United States he returned to the UK in 1984, rising to Chairman and Managing Director of Vauxhall Motors in April 1996. In addition to his role at Vauxhall, Nick Reilly CBE is also a Vice President of General Motors Corporation, the first British national to achieve this appointment, and he sits on the Board of General Motors Europe. Current issues facing the motor industry such as competitiveness, e-commerce, End of Life Vehicles, UK manufacturing, sustainability and Block Exemption all affect the SMMT and its members. Those members are a cross-section of the industry, from car and commercial vehicle makers to components and aftermarket sectors. Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) Recent SMMT Presidents include: 2000-2001 John Neill CBE 1999-2000 Sir Ian Gibson CBE 1998-1999 Trevor Bonner CBE 1996-1998 Ian G McAllister CBE 1995-1996 George Simpson (now Lord Simpson) 1994-1995 Peter T Ward 1993-1994 Geoffrey Whalen CBE (now Sir Geoffrey Whalen CBE) 1991-1993 Colin Hope (now Sir Colin Hope) 1990-1991 Derek Barron read more

Update on Fort Hills oil sands project

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first_imgSuncor, as operator of the Fort Hills Energy Ltd Partnership, has confirmed that during 2017, the mine, primary extraction, utilities and froth assets were commissioned. More than 80% of the Fort Hills plant is now operational and has safely run at full capacity through the test runs over the past four months. All three secondary extraction trains are mechanically complete with the first train in its final commissioning stage. First oil is expected in mid-January. The second and third trains are currently being insulated and expected to start up in the first half of 2018, as planned. Fort Hills remains on track to reach 90% capacity by the end of 2018.The Fort Hills partners have resolved a previously announced commercial dispute. Suncor and Teck Resources Ltd have each acquired an additional working interest in the Fort Hills project from Total E&P Canada (Total).Suncor’s share of the project has increased from 50.8% to 53.06% and Teck’s share has increased from 20% to 20.89%. Total’s share has decreased from 29.2% to 26.05%. Suncor and Teck have funded an increased share of the project capital, in the amounts of approximately C$300 million and C$120 million respectively, commensurate with the additional working interests, which may be further adjusted in accordance with the terms of the Fort Hills partnership agreement, as amended, based on the parties’ respective contributions to project costs.Fort Hills’ open-pit mine plan has two main pits and a mine fleet capable of sustaining a production of 14,500 t/h of oil sand.The mine delivers oil sands feed to two ore crushing plants, where oil sand material will be crushed and processed. Ore from the crushing plants is mixed with warm water and conditioned to create slurry, which is then transported to primary extraction via three hydrotransport lines.In primary extraction, the conditioned oil sands slurry is fed to two trains of separation cells. The separation cells remove the bitumen from the sand, which yields a froth mixture of bitumen, water and clay.Froth is then sent for further treatment in secondary extraction where it is mixed with solvent and sent through two stages of counter-current settlers to remove asphaltenes and excess sand and water. The bitumen is then sent to a solvent recovery unit to remove the solvent and prepare the bitumen for shipping. The final product is marketable bitumen.The heavy asphaltenes, sand and remaining water from the settlers travel through a tailings solvent recovery unit (TSRU) to remove any remaining solvent and prepare the tailings for disposal in the out-of-pit-tailings area (OPTA).last_img read more

South Africas new draft Mining Charter – mixed verdict

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first_imgIt sets new potentially controversial targets for BEE ownership – but past deals recognised and stability clauses proposed. “Following the recently launched draft Mining Charter, a stability clause has also been proposed and this is exactly what our country needs right now, to allay investor fears and encourage much-needed investment in a struggling sector,” says Bert Lopes, Natural Resources Head at audit firm, BDO.The new ownership clauses are controversial but free carry clauses are common in many developing countries. The question that remains to be answered is whether this will affect the economic viability of marginal projects.The new draft Mining Charter was released by the Department of Mineral Resources on June 15. Its highlights, and further BDO comment are:A new shareholding target for Black Economic Empowerment (BEE) shareholdings of 30% for new mineral rights applicationsAn increase on the former 26% BEE shareholding requirement. This new requirement does not apply immediately to existing holders of mineral rights, but the 30% level must be achieved by them within a period of five years for existing owners.Of the new 30% requirement, 16% must be allocated as follows:8% each must be given to communities and employees respectivelyIn addition, of the 8%, 5% must be free carry, meaning that there will be a minimum free carry shareholding of 10% for new applications.Another interesting aspect of the new draft was the announcement of the intention to introduce stability clauses into the minerals regulatory environment.Mosa Mabuza, former Deputy-Director of Licensing in the Department of Mineral Resources (DMR), said at a press conference presided over by Mineral Resources Minister, Gwede Mantashe, that compliant mining companies could rely on security of tenure. In effect, the Mining Charter is offering miners a 30-year stabilisation clause.“If there are any changes in law – and the South African government must be allowed to do this – the terms and conditions of the mining license will be applied for the tenure of the right,” said Mabuza, CEO of the Council for Geoscience.Stability clauses are favoured by foreign investors because they guarantee that the term and the conditions attaching to the mineral right they sign up for will not be changed unilaterally.There is some precedent for this in fiscal legislation already in section 13 and 14 of the Mineral and Petroleum Royalty Resources Act where a mineral right holder can apply for fiscal stability in respect of the rate of royalty he has to pay on the value of his minerals extracted.In addition, there are fiscal stability clauses in the Income Tax Act relating to Oil and Gas projects as set out in paragraph 8 of the 11th Schedule whereby the Minister of Finance may enter into a binding agreement with any oil and gas company in respect of an oil and gas right held by that company, and that agreement so entered into must guarantee that the provisions of this Schedule (as at the date on which the agreement was concluded) apply in respect of that right as long as the right is held by the oil and gas company.The Charter can be viewed at http://pmg-assets.s3-website-eu-west-1.amazonaws.com/1/FinalCharter.pdflast_img read more