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Here are five things you need to know this morning
Canadian energy stocks look to rebound: Canadian energy stocks are looking to rebound today after absorbing significant losses Monday. The sector was hit following military action by the United States in Venezuela. There is speculation that the U.S. will now turn to Venezuela for it supplies of heavy oil. Blue-chip Canadian energy stocks such as Cenovus, Imperial Oil and Canadian Natural Resources traded down by more than four per cent apiece Monday.
Smith renews pipeline call: Alberta Premier Danielle Smith is pushing for a Canadian pipeline after the forced change in leadership in Venezuela. Smith says the recent developments highlight the urgency of such a project. The proposed pipeline would be capable of carrying 1 million barrels a day to British Columbia, where it could be loaded onto tankers for sale in growing Asian nations.
Canadian company looks to recover Venezuela assets: Meanwhile a Canadian company is seeking to regain control of its assets in Venezuela following the regime change in that country. Gold Reserve Ltd. has spent years fighting with Nicolas Maduro’s government over two gold deposits seized by Venezuela. The company operated two gold and copper deposits before they were seized by Venezuela’s government. One of the deposits is worth more than 40 billion U.S. dollars. In an interview with Bloomberg News, Paul Rivett, the company’s vice-chair, says he fielded numerous calls from mining companies over the weekend expressing interest in the deposits. Already, Rivett said he’s exploring deals that could help develop them under a new Venezuelan government.
Suncor beats production targets: Suncor says it has achieved its production targets one year earlier than planned. The Calgary-based energy giant says the achievement was driven by record production in the fourth quarter of last year, as well as its best-ever annual upstream production, refining and utilization. Suncor will give more details on results and outlook when they release their earnings in early February.
Copper rally continues: Copper is extending a powerful rally after topping US$13,000 a ton for the first time. Expectations that the administration of U.S. President Donald Trump may introduce a tariff on refined metal have drawn huge volumes of inventory into the U.S.. This has also potentially left the rest of the world short of the metal, as miners struggle to boost output. Copper’s role in high growth sectors like renewable energy and AI infrastructure has also fueled demand.