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IW Business Bulletin – October 28, 2022

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Canpotex buys rail cars

Canpotex Ltd. announced on Oct. 27 that it has acquired 1,300 railcars from National Steel Car in Hamilton, Ont. The cars will increase the Canpotex fleet to 8,000 by June 2023. The new cars, valued at $155 million USD, will deliver potash from Saskatchewan to three terminals – Vancouver, B.C., Saint John, N.B., and Portland, Oregon.

“This acquisition of railcars demonstrates Canpotex’s commitment to investing in our world-class supply chain and in global food security,” says Gord McKenzie, president and CEO of Canpotex. “By adding capacity within our railcar fleet, we have greater flexibility in shipping options. This increased railcar capacity ensures our potash is reliably delivered to our customers overseas, ultimately helping the world’s farmers grow higher-yielding crops on each acre of land.”

Cameco reports Q3 2022 results

Cameco released its Q3 2022 results on Oct. 27, reporting a Q3 net loss of $20 million and adjusted net earnings of $10 million.

“Our results reflect the execution of our strategy of full-cycle value capture and are in line with the preliminary third quarter operating update provided on October 11, 2022. We are benefiting from higher average realized prices in our uranium segment and our fuel services segment as the market continues to transition and geopolitics continue to highlight security of supply concerns,” said Tim Gitzel, Cameco’s president and CEO. “With improving financials as we begin to restore our tier-one run rate and exposure to rising prices, we continue to believe Cameco is the best way to invest in the uranium market recovery.”

The company also reported that work continues at McArthur River mine and Key Lake mill, with commission activities ending and production scheduled to begin in late Q4 2022.

Brandt supports Hurricane Fiona-affected communities

Brandt announced on Oct. 26 that it has partnered with the John Deere Foundation of Canada, making a $100,000 donation to the Canadian Red Cross to support communities affected by Hurricane Fiona.

“Hurricane Fiona hit very close to home for us here at Brandt,” said Brandt CEO, Shaun Semple. “We have deep roots in Atlantic Canada and have been eager to support the people and communities that were devastated in last month’s storm.”

Brandt has 13 branch locations in the affected region.

Government of Saskatchewan to sell SLGA liquor stores

The Government of Saskatchewan announced on Oct. 27 that it will exit the retail liquor sector in 2023, with all stores closing by March 31, 2023.

“With year over year declines in net revenue at SLGA retail, our government has made the decision to get out of the business of selling liquor,” Minister Responsible for SLGA Lori Carr said. “We believe now is the time to complete the transition to the private sector to free up financial resources for other priorities and to mitigate future losses.”

Assets and buildings will be sold in a separate process and retail store permits associated with the 34 SLGA locations will be sold in a public online auction in early 2023.

Next week: Nutrien and Information Services Corp. report earnings on Nov. 2, 2022.

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