Wednesday, August 27th31.7°C
22568
22588

Canexus crude-by-rail project in Alberta sees costs soar by 40 per cent

CALGARY - Canexus Corp. (TSX:CUS) says the price tag of its oil-by-rail terminal expansion project in Bruderheim, Alta., has risen by 40 per cent over the previous cost estimate of $225 million.

The stock was down about 13 per cent to $6.56 at mid-day on the Toronto Stock Exchange.

CEO Gary Kubera says the company is disappointed with the revised estimate, but noted Canexus has "established a state-of-the-art facility."

The first phase of the expansion is in the process of starting up and the company expects to load 14 unit trains, or about 30,000 barrels per day of crude, during February.

The project is expected to be complete later this year.

Canexus expects to fund the incremental cost from its committed credit facilities.

The Canadian Press


Read more Business News

22719


Recent Trending




Today's Market
S&P TSX15602.65-16.56
S&P CDNX1019.343.98
DJIA17122.0115.31
Nasdaq4569.622-1.015
S&P 5002000.12+0.10
CDN Dollar0.9204+0.0075
Gold1281.70-2.1001
Oil93.83-0.03
Lumber347.10-2.10
Natural Gas3.974+0.063

 
Okanagan Companies
Pacific Safety0.20+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.07+0.005
Anavex Life Sciences0.24-0.01
Metalex Ventures0.08+0.005
Russel Metals36.60-0.02
Copper Mountain Mining2.96-0.07
Colorado Resources0.18+0.005
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.24-0.01

 



22439

FEATURED Property
2049262Walk to the Beach! Own a piece of Waterscapes for $325,000
$325,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_








Member of BC Press Council


22847