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IW Business Bulletin – May 13, 2022

Yellow cake uranium.

UFA announces petroleum expansion into Saskatchewan

May 12 saw news that Calgary’s UFA Co-operative is expanding its business into Saskatchewan with new locations in Weyburn and Yorkton. As well, UFA is developing several additional petroleum locations over the next years.

“We believe in the value of giving our members and customers choice. People living in or nearby these communities will now have another option of where to spend their hard-earned dollars,” said Scott Bolton, president and CEO of UFA. “The expansion of our petroleum network is part of a concerted strategy to grow from being an Alberta-focussed fuel and agribusiness co-operative to a western-Canadian service leader.”

Cameco and Orano increase stake in Cigar Lake Mine

On May 10, Cameco Corp. and Orano Canada Inc. announced that the two companies have reached an agreement with Idemitsu Canada Resources Ltd. (Idemitsu) to acquire Idemitsu’s 7.875 per cent stake in the Cigar Lake Joint Venture. When the deal closes, Cameco’s stake in the Cigar Lake mine will increase by 4.522 percentage points to 54.547 per cent and Orano will increase by 3.353 percentage points to 40.453 per cent. TEPCO Resources Inc. keeps the remaining 5 per cent interest in the property.

“As the world’s largest high-grade uranium mine, Cigar Lake is quite simply one of the best and most prolific uranium producing assets on the planet,” said Cameco’s president and CEO Tim Gitzel. “Cameco is very pleased to increase our ownership stake in this outstanding tier-one operation. As the operator of Cigar Lake since 2002, it’s an asset we know incredibly well. It’s a proven, permitted and fully licenced mine in a safe and stable jurisdiction that operates with the tremendous participation and support of our neighbouring Indigenous partner communities.”

Ceres Global Ag Corp releases Q3 results

On May 11, Ceres Global Ag Corp. released its Q3 results, with gross profit increasing by 109 per cent to $12.3 million USD, with income from operations at $3.6 million and net income hitting $912,000.

The company’s Northgate, Sask. canola facility is on track, with further design and engineering work and remains on schedule. Ceres also noted the appointment of Holly Dammer as vice president, human resources, the resignation of current vice president and CFO Jay Bierley, and the appointment of new vice president and CFO Blake Amundson.

“Q3 was another outstanding quarter, adding to our record financial performance for the year,” said Robert Day, president and CEO at Ceres. “Once again, our team successfully navigated through volatile markets, this time influenced by geo-political events that were difficult to anticipate. During the quarter we continued to make meaningful progress on our growth strategy as we secured the right to purchase 50% ownership of Berthold Farmers Elevator, LLC and we advanced on two key projects: expansion of the grain elevator in the Farmers Grain, LLC joint venture in Thief River Falls, to be completed in July 2022, and the canola crush project at Northgate.”

Williston Basin Petroleum Conference returns

The Williston Basin Petroleum Conference (WBPC) returns in 2022 at the Delta Regina Convention Centre on May 17 and 18, 2022. The conference expects over 400 attendees from across Canada and around the world.

“It’s really exciting to be part of the conference this year,” said Ranjith Narayanasamy, CEO at the Petroleum Technology Research Centre, one of the conference organizers. “The WBPC is a great opportunity to network with attendees from around the world and to convey our own research in CCUS and energy systems.”

Next week: Supply Chain Week 2022 from May 16 to 20.

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