Canada Ties New West Coast Pipeline to Oil Sands Expansion

By Tsvetana Paraskova - Jul 14, 2026

• Canada advances a new 1 million bpd West Coast oil pipeline, with Ottawa, Alberta, and major oil sands producers agreeing on a framework that ties the project to emissions reductions and expanded exports to Asian markets.
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• Oil sands producers commit to the Pathways carbon capture project.
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• The project reflects Canada's push to diversify away from the U.S. market.

Canada’s biggest oil sands producers, the Alberta provincial government, and the federal government have reached a new milestone in advancing the planned new West Coast pipeline that would move another 1 million barrels per day (bpd) of oil sands output from the top oil province to the British Columbia coast.

The parties on Monday unveiled the backgrounder document of the deal for the new pipeline, West Coast Oil Pipeline (WCOP). In this, “Alberta has agreed to implement financial supports to enable the oil production growth needed to underpin new export capacity, including the pipeline to Asian markets and the Trans Mountain Expansion (TMX) optimization.”

The new pipeline hinges on the five top oil sands producers, Canadian Natural, Cenovus, ConocoPhillips Canada, Imperial Oil, and Suncor, committing to the Pathways carbon capture and storage (CCS) project and to reduce their operational emissions. This was a key demand from Mark Carney’s federal government to agree to the new 1-million-bpd pipeline to expand Alberta’s oil production and Canada’s export base with new customers in Asia.

Committed to Pipeline and Emissions Reductions

In the deal, the federal government touted the emission reduction goals, the creation of jobs, and additional energy sovereignty by attracting buyers of Canada’s oil other than the United States.

The province of Alberta stressed the fact that oil sands producers have been given the green light to double oil production, and that the deal unlocks billions of dollars in investments and production needed for the new West Coast projects.

Environmental campaigners, of course, slammed the backgrounder document released on Monday as “a master class in greenwash.”

The new WCOP will need additional years and a lot of permits, including in B.C., to begin working for the oil sands companies and for Canada’s crude oil exports to Asia. But the recent major milestones, from the official approval early this month to this week’s backgrounder laying down the commitments of the parties, are moving the project closer to reality

If it weren’t for the geopolitical upheavals and crises in the past year, the project may have never cleared any hurdles beyond Alberta’s provincial government. But the U.S. trade and tariff policies and threats to Canada’s independence prompted Canadian politicians to work on making energy exports less reliant on the U.S., which imported 90% of all the oil Canada was exporting in the year before U.S. President Donald Trump returned to the White House for his second term in office

Threatened by tariffs and negative rhetoric from Trump’s White House, Canada chose to become an energy superpower by expanding its crude and LNG exports into Asia, the market that’s always hungry for energy commodities.  

Oil Pipeline Milestones

The WCOP is a major move toward bringing increased volumes of Canadian crude to the West Coast for exports to Asia. 

The milestones in the project include the commitments the governments and the industry made, which were announced by Canada and Alberta on Monday.

The government of Canada and the five top producers united in the so-called Oil Sands Alliance (OSA), have agreed to establish a regulatory working group to improve the efficiency and effectiveness of federal statutes and regulations governing oil sands development. Canada has also agreed to advance financing to support operating costs for CCS projects, including measures to enhance the durability of the Clean Fuel Regulations (CFR). In addition, the federal government has agreed to review and address technical clarifications and industry concerns related to the CCUS Investment Tax Credit.

The OSA companies have agreed to advance the emissions reduction projects in line with agreed milestones, work with Canada and Alberta to support oil sands production growth associated with the new WCOP, and to prioritize Canadian technologies, suppliers and supply chains, including Canadian steel and aluminum.

Alberta’s commitments feature the implementation of financial supports, yet to be detailed and defined, extension of its Carbon Capture Incentive Program to 2035, and issuance of a Carbon Sequestration Agreement for the Pathways CCS projects and its planned storage complex.

Alberta has also agreed to apply a 120-day approval timeline for qualified projects and establish a bilateral working group with the OSA to address provincial regulatory barriers to oil sands investment and growth.

Commenting on the backgrounder document, Danielle Smith, Premier of Alberta, said,

“The West Coast oil pipeline and Pathways Project are two critical steps towards making Canada an energy superpower and ensuring Alberta remains a destination of choice for investment, innovation and responsible energy development.”

Tim Hodgson, Canada’s Federal Minister of Energy and Natural Resources, noted that “Over the last eight months, we have been steadily delivering on each commitment in the Canada-Alberta MOU, working with Alberta and the energy industry to build major energy infrastructure, reduce emissions, create jobs and prosperity, and secure energy sovereignty.”

Alberta’s minister of Energy and Minerals, Brian Jean, said that “Growing Alberta’s energy production and reducing emissions can go hand in hand.”

But campaigners are having none of this rhetoric.

Keith Stewart, senior energy strategist at Greenpeace Canada, told The Canadian Press, “This is a master class in greenwash, as the pollution reductions committed to in this agreement are only seven per cent of current carbon pollution from the oilsands and would be dwarfed by the additional pollution enabled by a new, taxpayer-financed pipeline.”

By Tsvetana Paraskova for Oilprice.com

 

Mapping the market: Metals and mining shares may be perking up

Reuters | July 13, 2026 | 

Stock image.

Shares of U.S. metals and mining companies have been on a volatile ride this year, including a nearly 25% fall for the sector in recent weeks, but ​technical analysis indicates that things could be looking up.

The sector, measured by the State Street SPDR S&P Metals & Mining ETF, has been in a long-term uptrend that shifted into high gear in 2025. Over the past year it has been pulled between opposing forces — tariffs, the AI-driven buildout, ​bets on a commodities supercycle, and worries that the war in Iran could hurt global growth ​and stoke inflation.

The ETF tumbled to its 2025 low of 99.95 on Wednesday, ⁠according to data supplied by LSEG, but then began rebounding. The 99.95 low marked what chartists ​call structural support — a price floor where buyers have repeatedly overwhelmed sellers — and the bounce suggests that ​support held firm.

Adding to the bullish case, the Relative Strength Index, or RSI, turned higher from oversold territory just as the rebound got underway. RSI is a widely used gauge of market momentum. When RSI turns higher from low, ​oversold levels, chart watchers often see it as an early clue that sellers are losing steam ​and buyers are stepping back in.

The recent low in the ETF also sits at the bottom of a price ‌channel that ⁠appears to be forming a bull flag, a pattern in which a market pauses within an uptrend before resuming its climb. The top of the flag is marked by a trendline connecting January’s high of 134.46 to June’s peak of 132.87, so a breakout remains distant. Still, the rebound highlights a ​staircase of Fibonacci retracement ​levels and other resistance ⁠spots at 107.71, the 109.50-110 area, 112.51 and 116.40. Fibonacci retracement levels are points where markets often return after a big move.

A sustained break below ​structural support near the 99.95 low and the channel’s floor, near 99.40, ​would undercut this ⁠bullish case and raise the risk of further declines.

What the chart shows:

• Bounce off 2025 low of 99.95 confirms structural support
• Pattern resembles a bull flag, with the top near the 134.46 and 132.87 highs
• Key levels to ⁠watch: 107.71, ​the 109.50-110 area, 112.51 and 116.40; support at 99.95 low ​and 99.40

(Christopher Romano is ​a Reuters market analyst. The views expressed are his own; Editing by Burton Frierson and Nia Williams)

 

India’s Aditya Birla Renewables to buy Sprng Energy from Shell

Reuters | July 13, 2026 |

Stock image.

Grasim Industries’ (NYSE: GRAS) renewables unit will buy Sprng Energy from British oil major Shell (LON: SHEL) in a deal worth $1.8 billion, including debt, in one of India’s largest clean energy acquisitions, the companies said on Monday.

The acquisition will add 5 gigawatts in capacity to Aditya Birla Renewables’ portfolio, Grasim, the flagship company of India’s Aditya Birla Group, said

The deal takes the group’s renewables portfolio to 9.3 GW, making it one of the largest players in the country’s growing clean energy sector.

India has stepped up its clean energy push to meet rising power demand, targeting 500 GW of non-fossil fuel capacity by 2030 from about 283 GW now, drawing significant investment from domestic conglomerates and global energy companies.

The country’s clean energy space is currently dominated by Adani Group’s clean energy unit Adani Green (NYSE: ADNA), and ReNew Energy Global.

The final equity consideration will be determined after adjustments for debt and cash, Grasim said.

The deal will be financed through a mix of debt, equity infusion from Grasim, and funds managed by Global Infrastructure Partners, a unit of BlackRock, it said.

The transaction is expected to complete by the end of 2026, Shell said on Monday.

The move reflects a wider industry shift, with global energy companies including BP (LON: BP) and Equinor dialing back renewable energy investments in favour of their traditional oil and gas operations.

Under CEO Wael Sawan, Shell has also shifted its focus back to liquefied natural gas trading and upstream operations, while shrinking the company’s low-carbon projects.

Reuters reported in February that Shell was reviewing strategic options for Sprng Energy. Shell had agreed to buy Sprng in 2022 for $1.55 billion.

(Reporting by Nishit Navin and Sethuraman NR, additional reporting by Stephanie Kelly; Editing by Leroy Leo)

 

India to invest in foreign uranium mines

Blair McBride | July 13, 2026 | 

The Kudankulam Nuclear Power Plant in the Tirunelveli district of Tamil Nadu, India. (Credit: Reetesh Chaurasia/Wikimedia Commons)

India’s state-owned power producer NTPC is looking to help finance overseas uranium mines to fuel the country’s plan to massively expand nuclear power generation in the coming decades.

The world’s most populous country is planning one of the world’s largest nuclear power expansions, aiming to lift installed generating capacity from about 8.8 GW today to 100 GW by 2047 under its Nuclear Energy Mission. NTPC plans to develop about 30 GW, accounting for nearly a third of the national target.

The company issued a tender to appoint consultants who would help identify potential sources in uranium-producing countries such as Canada, Kazakhstan, Australia and South Africa, The Economic Times reported. Bids are due by Thursday.

Round of deals

The mines search comes amid India’s expanded efforts over the last several months to source uranium. Last week, Australia signed the final administrative arrangements on a deal to supply India with uranium for civilian nuclear use, but detailed volumes weren’t specified. Negotiations on the deal have been ongoing since 2014.

In March, the South Asian country signed a $1.9-billion) deal with Cameco (TSX: CCO; NYSE: CCJ) to supply uranium ore concentrate; and in February, Kazatomprom (LSE: KAP), the world’s top producer of uranium, agreed to sell a significant amount of output to India.

India currently sources domestic uranium from state firm Uranium Corp. of India, though its mines in the states of Jharkhand and Andhra Pradesh yield “medium tonnage and low-grade” uranium, the corporation said.

Last December, India’s parliament enacted a law enabling private nuclear power companies, ending decades of state monopoly in the sector.

 

US Vanadium awarded gov’t offtake contract for National Defense Stockpile

Staff Writer | July 13, 2026 |

TechMet’s current portfolio includes US Vanadium, based in Arkansas. (Image courtesy of TechMet.)

US Vanadium LLC, a subsidiary of TechMet USA, said Monday it has been awarded the largest contract in the company’s history by the U.S. Defense Logistics Agency (DLA) Strategic Materials team, manager of the National Defense Stockpile (NDS), to supply domestically produced high-purity vanadium pentoxide flake over the next three years.  

US Vanadium is the only current producer in the United States of high-purity vanadium pentoxide flake, a strategic material used to manufacture aerospace-grade titanium alloys for defense, aerospace, space, and advanced manufacturing applications.  

The United States remains heavily dependent on imported vanadium. In 2025, domestic production totaled approximately 7,500 metric tons, compared to U.S. consumption of roughly 13,000 metric tons. The United States imports most of its vanadium pentoxide from Brazil and South Africa, and ferrovanadium from Russia and China. 

The company operates two facilities in Arkansas that recover and process vanadium from petroleum refining and other post-industrial waste streams, producing some of the world’s highest-purity vanadium oxides, which are essential for high-strength steel alloys, missile and aerospace systems, space vehicles, nuclear reactors, aircraft carriers, night-vision equipment, and other applications.  

The award follows US Vanadium’s 2025 launch of domestic production of high-purity vanadium pentoxide flake production, it said, adding that the project was supported by funding from the U.S. Defense Logistics Agency’s Research and Development Office and Traxys North America.  

“This award represents another important milestone in expanding America’s domestic critical minerals processing capacity, as the U.S. is overwhelmingly reliant upon foreign sources for vanadium,” TechMet CEO Brian Menell said in a news release.  

 

South Africa plans first strategic oil boost since Apartheid

Bloomberg News | July 13, 2026 |

Oil rig in Capetown. Image from archives.

South Africa plans to increase its strategic oil reserves for the first time since the apartheid government stockpiled crude, adding to measures across the continent to mitigate supply shocks.

The Department of Mineral and Petroleum Resources proposed that 60 days of demand be covered by reserves, of which about two-thirds will be crude and the remainder oil products, according to a draft policy document published July 9 for public consultation.

That would amount to about 36 million barrels, worth billions of dollars, based on US Energy Information Administration estimates that put South African demand at 600,000 barrels per day. Licensed wholesalers and importers would be required to keep 21 days of inventory under the plan. The reserves would be managed by the state-owned South African National Petroleum Co.

The National Treasury and the SANPC “will develop financing mechanisms and instruments for the financing and guaranteeing strategic petroleum stocks,” the department said.

South Africa last built up its emergency stocks in the 1970s, when the United Nations imposed sanctions on the state due to its policy of institutionalized racial segregation, leading to the construction of the 45 million-barrel Saldanha Bay storage hub on the Atlantic coast. Supply concerns and price hikes caused by the US-Israeli war on Iran war have revived the original purpose of the facility: to act as a buffer from extreme oil-supply shortages. 

Type of Reserves Proposed	Obligation Days of Cover	Responsibility
Strategic Stocks	60 days	70% crude and 30% products managed by SANPC
Private Stocks	21 days	Same proportion of crude to products; mandatory for all licensed wholesalers

The conflict in the Middle East triggered a surge in global fuel prices and a search for alternative suppliers. Some African governments cut taxes and dipped into their budgets to help cap prices.

More permanent measures aimed at bolstering infrastructure are emerging, aimed at giving governments greater control over oil supplies and reducing their reliance on trading companies. 

Morocco announced plans in June to invest $641 million to develop fuel-storage facilities, Uganda will expand a state-owned terminal to stabilize supply, while Ghana plans to use more domestic crude in its refineries.

Billionaire Aliko Dangote, whose Nigerian refinery ramped up output just as the Persian Gulf conflict started, has launched a number of projects across the continent, including building another plant of the same design in Kenya to storage facilities in The Gambia.

Reserves sold

In the three decades since South Africa’s first democratic elections in 1994, the government has wound down its strategic stocks, including the sale of 10 million barrels in 2015 when prices were at an eight-year low. That deal was eventually found to be unlawful.

South Africa has become increasingly dependent on fuel imports as about half of its refinery capacity shut down in recent years, with the approach of new low-sulfur fuel standards in July 2027 that require greater investment in aging plants.

South African lawmakers last year determined the state’s stockpiles to be insufficient — an official estimate in March put crude reserves at 8 million barrels. The country currently requires 10 million barrels to replenish sold or rotated stock, in addition to storage infrastructure costs, according to the draft policy.

Dependence on shipping supply chains and exposure to maritime chokepoints — such as the Strait of Hormuz, where traffic has slowed because of the Iran war — exposes South Africa’s economy to 1 billion rand ($61 million) in losses for every day that fuel is unavailable, according to the department that was previously known as the Department of Mineral Resources and Energy.

(By Paul Burkhardt)

 

Dutch court rejects Glencore bid to buy back logistics unit at discount

Reuters | July 14, 2026 | 

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A Dutch court has rejected Glencore’s attempt to buy back its former logistics unit Access World Group through a private transfer to a subsidiary, after opponents said the proposed price undervalued the business.

In an Amsterdam District Court ruling on July 2, released last week, the court said that London-listed Glencore (LON: GLEN) could not transfer Access World shares to its subsidiary Tironimus. The hearing was held on May 21.

Glencore had not demonstrated that a public auction would be harmful, the court said. It added that Tironimus could participate as a bidder in a public auction that might also identify other interested buyers.

Glencore had sought court authorisation under Dutch law for a private sale of the shares to Tironimus.

But the proposed transfer to Tironimus created a genuine risk of a conflict of interest, the court said.

It refused the request, citing concerns over the earlier sale process and the valuation underpinning the proposed transaction, as well as the risk of a conflict of interest.

Glencore declined to comment.

Valuation questioned

Current owner Global Capital Merchants Limited, based in the British Virgin Islands, bought Access World from Glencore in 2022 for an enterprise value of $176.7 million.

Glencore originally provided GCM with a $100 million vendor loan to help finance the acquisition, which was subsequently increased to $140 million.

That sale process was insufficient to show the market would not pay more because the company had not fully disclosed the process and the pool of bidders appeared restricted, the court said.

GCM failed to make a repayment due in January 2023. By March 31, 2026, the total outstanding amount was about $108.9 million, including about $20.3 million in interest, according to the court document.

The court further questioned the valuation underpinning the proposed sale.

Glencore’s valuer, Vantage Valuation, put the equity value at $51.4 million, according to two sources.

GCM could not be reached for comment.

(Reporting by Pratima Desai; Editing by Susan Fenton)

 

Alsym Energy, ERITY sign 9 GWh sodium-ion battery deal for mining sector 

Staff Writer | July 14, 2026 | 

Sodium-Ion batteries. Adobe Stock image.

Sodium-ion battery company Alsym Energy and Australian mining services firm ERITY have announced a 9GWh strategic partnership – what the companies say is the largest known sodium-ion battery agreement to date in the global mining industry. 

The partnership establishes a framework for the companies to jointly identify, pursue and deploy battery energy storage systems (BESS) across multiple mining use-cases, including micro grid power, critical mineral extraction, and AI-powered mobile data centers.

Sodium-ion batteries carry lower risk of fire and thermal runaway than lithium-ion batteries, and sodium is emerging as a serious alternative chemistry, with global players like CATL accelerating large-scale commercial deployments.

Deployment of sodium-ion batteries will enable significant cuts to diesel fuel consumption for the Australian mining sector, Alsym said.

With this partnership, Alsym now has 18 GWh of announced commercial deployment agreements
in the past two months, including 8.5GWh with ESS and 500MWh with Juniper Energy,
across mining, grid-scale storage, and industrial applications.

Publicly traded companies Resource Mineral International and Volt Resources are among those adopting the technology under the agreement, the company said.  

The alliance pairs Alsym Energy’s high performance, non-flammable battery technology with ERITY’s deep operational mining expertise to meet the soaring global demand for lower cost, efficient, and high-performance off-grid energy storage solutions that accelerate the transition to clean energy, it said.

“We are thrilled to partner with Alsym Energy to identify and deliver BESS opportunities to market,” ERITY Chief Operating Officer Manny Claassens said in a news release.

“This collaboration allows us to address the pressing energy challenges faced by the mining industry, where energy demands are significant and operations are often located in remote areas with limited access to traditional power infrastructure,” he said.

By integrating Alsym Energy’s thermally stable, high-performance storage solutions into mining operations, we have an opportunity to help reduce operational costs, enhance energy resilience, and support improved safety and sustainability outcomes across the energy transition landscape.”

 

Alcoa greenlights Australia gallium plant with US, Japan and domestic backing

Reuters | July 14, 2026 | 

Image: Alcoa

Alcoa Corp (NYSE: AA) said on Tuesday it has reached a final investment decision to set up a gallium plant at its Wagerup alumina refinery in Western Australia, with backing from the Australian, Japanese and U.S. governments and industry partners.

The U.S. and Australian governments had said in October they would support Alcoa’s expansion plans in the region, a few months after the company signed a joint development agreement with a venture between the Japanese government and Sojitz Corp 2768.T.

The U.S.-based aluminium producer plans to construct and operate the plant, which could provide up to 10% of the global gallium supply.

“This final investment decision reflects a shared commitment by governments and industry to strengthen critical mineral supply chains among the partners,” said Alcoa President and CEO William F. Oplinger.

Construction activities are expected to begin after final site preparations, the company added.

Gallium, a raw material used in the production of alumina, is a critical mineral for the technology sector, especially the semiconductor and defense industries.

Earlier this month, Alcoa agreed to buy the bulk of South32’s (ASX: S32) aluminum portfolio for an implied enterprise value of up to $5.6 billion to expand its access to upstream assets, including bauxite, alumina and aluminum assets across Brazil, South Africa and Western Australia.

(Reporting by Keshav Singh Chundawat in Bengaluru; Editing by Jonathan Ananda)

 

Genesis boss says Vault merger is the perfect pairing

Kristie Batten | July 14, 2026 | 

Leonora operations. (Image courtesy of Vault Minerals.)

Genesis Minerals (ASX: GMD) says its proposed merger with Vault Minerals (ASX: VAU) is the “perfect pairing” to create Australia’s third-largest listed gold producer with A$2 billion in projected synergies.

The all-share and cash transaction values Vault at about A$5.6 billion and will create a Western Australian-focused producer with a pro-forma market capitalization of almost $9 billion (A$12.6 billion). 

Vault shareholders will receive 0.7629 of a new Genesis share plus A47.5¢ in cash for each Vault share, leaving them with about 40.2% of the combined company. The merged group is expected to produce 600,000-700,000 oz. of gold annually, hold 33.6 million oz. in resources and 9.4 million oz. in reserves, ranking behind only Northern Star Resources (ASX: NST) and Evolution Mining (ASX: EVN) among ASX-listed gold producers.

“This will be a globally relevant scale of liquidity sought by global investors, including potential index inclusions and upweighting,” executive chairman Raleigh Finlayson said on a conference call Tuesday. “But to be clear, this is an outcome or reward for shareholders – not a reason for the deal.”

A$2B in synergies

The merger brings together neighbouring operations in Western Australia’s Leonora-Laverton district, where the companies’ flagship assets sit just 35 km apart. Genesis estimates the combination will generate A$2 billion in synergies over 10 years, including A$1.5 billion tied directly to the proximity of the assets. 

Ore from Genesis’ Tower Hill project will be processed through Vault’s King of the Hills mill, eliminating the need to build a new processing plant and expand the Laverton mill, saving an estimated A$715 million in growth capital.

The transaction follows Regis Resources’ (ASX: RRL) decision not to match Genesis’ higher offer for Vault. Genesis expects the combined company to hold A$611 million in pro-forma net cash and A$1.4 billion in liquidity, supported by underlying quarterly cash flow exceeding A$200 million across both businesses.

Finlayson said the merger builds on Genesis’ recent A$669 million acquisition of Magnetic Resources and its 2.2-million-ounce Lady Julie gold deposit, while leaving room for additional operational improvements.

“We have a lot of upfront cost-saving synergies that will come through immediately to make us more robust in a declining gold price environment, but also, we have the second largest resource position in Australia which gives us upside as far as organic growth opportunities in the portfolio,” he said.

Not a “fix-it” job

Genesis expects the transaction, unanimously recommended by the Vault board, to close in November. Finlayson will lead the integration and a strategic review of the combined asset portfolio with an updated corporate plan due in the first half of 2027.

Finlayson declined to say whether smaller assets such as the Deflector mine in Western Australia or the Sugar Zone project in Canada would remain core to the business.

“To be clear, this merger is not a fix-it job,” he said. “All mines across both portfolios are running well.”

The review will also establish the enlarged company’s culture and values.

“This will be drawn up from the front line, not from the boardroom,” Finlayson said. “Ultimately, we want to get buy-in from the entire workforce, and we want people that own this business to take it forward.”