Wednesday, April 1st11.2°C
25757
22952

Northern Gateway opponent says investor money will 'sit there and rot'

CALGARY - Opponents of Enbridge Inc.'s (TSX:ENB) proposed Northern Gateway pipeline say the more than $6.5-billion project is a bad investment.

As in previous years, a delegation of First Nations leaders, environmental activists and B.C. community representatives will be speaking out against the project at Enbridge's annual meeting on Wednesday.

John Ridsdale, hereditary chief of the Wet'suwet'en Nation in northern B.C., says his community will never support the project and investor money will "sit there and rot."

Art Sterritt, executive director of Coastal First Nations, says he's attending Enbridge's meeting for the first time this year to tell chief executive Al Monaco the company is wasting its money on Northern Gateway.

A joint review panel said in December the project should be approved, subject to 209 conditions, and the federal cabinet is set to decide in a matter of weeks.

But a litany of legal challenges being mounted by project opponents mean the path forward for Northern Gateway is far from clear.

First Nations in most of British Columbia have not signed treaties with the Crown, meaning they maintain right and title.

There are a number of court cases in which B.C. First Nations have been successful in the past, Ridsdale said.

"We've had the longest winning streak in Canadian jurisprudence, in the history of Canada. And yet here we go again," he said.

"They still haven't listened to us. We've constantly said the answer is still no and we give the reasoning behind it. So we go to court."

Earlier Wednesday, Enbridge said it earned $390 million in its latest quarter, up from $250 million a year ago.

The pipeline company says the profit amounted to 47 cents per diluted share for the quarter ended March 31 compared with a profit of 31 cents per diluted share a year ago.

Revenue totalled $10.52 billion, up from $7.9 billion in the first three months of 2013.

Excluding one-time items, including unrealized derivative fair value gains and losses, Enbridge said it earned an adjusted profit of $492 million or 60 cents per share.

That compared with an adjusted profit of $488 million or 62 cents per share a year ago when the company had fewer shares outstanding.

Analysts on average had expected an adjusted profit of 57 cents per share, according to data compiled by Thomson Reuters.

Monaco said the company is on track to be within the company's full-year adjusted earnings per share guidance range of $1.84 to $2.04 per share.

Follow @LaurenKrugel on Twitter

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14942.55+40.11
S&P CDNX681.32+1.25
DJIA17698.18-77.94
Nasdaq4880.23-20.66
S&P 5002059.69-8.20
CDN Dollar0.7929+0.0003
Gold1204.20+21.10
Oil49.55+1.95
Lumber278.90+5.90
Natural Gas2.60-0.04

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.55+0.07
Cantex0.03-0.01
Anavex Life Sciences0.23+0.02
Metalex Ventures0.045+0.005
Russel Metals24.83+0.79
Copper Mountain Mining1.19+0.03
Colorado Resources0.11-0.01
ReliaBrand Inc0.0036-0.0024
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.23-0.02
Decisive Dividend Corporation1.80+0.02

 



25773

FEATURED Property
2250704330 Prestwick lane
$679,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Down payment

If you have less than 20% down payment, mortgage insurance is required through Canada Mortgage & Housing (CMHC), Genworth or Canada Guaranty. Homeowners no longer need the minimum 5% down payment ...


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...

_








Member of BC Press Council


25732