Business Brief: Major projects, major issues

Good morning. Ottawa and Alberta are expected to announce the framework of an energy deal today. But even with accelerated reviews from the Major Projects Office, anything resembling a pipeline would face the same political and regulatory pushback confronting the projects currently under review. Those challenges are in focus today.

Up first

In the news

Lawsuits: Brewing giant Molson Coors Canada has uncovered an alleged embezzlement scheme that led to losses totalling at least $9-million since 2021, court documents show.

Boardroom battles: Barrick Mining Corp.’s lead independent director Ben van Beurden left the Canadian gold miner after plans to make him the successor to John Thornton fell apart.

Cyberwars: The contrarian investor immortalized in The Big Short for his bet against the U.S. housing market is in a war of words with Nvidia.

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In focus

Mapping Canada’s next moves

Canada is making a high-stakes bet on energy and critical minerals. These projects – whose acceleration was announced in two waves this fall – are designed to give the country more control over the resources that will drive the 21st-century economy.

Here’s where the ventures are located:

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That’s a lot of projects! And each will run into the limits of Canada’s approvals processes, supply chains, capital constraints, and politics. B.C. Premier David Eby, for one, might not be so quick to shake hands with the Prime Minister when they meet next. (That is, unless Carney and Eby have privately spoken about the obvious: No matter how much economic sense another pipeline might make – and no matter how much Ottawa publicly says it understands – getting one built remains a tall order.)

Any of those challenges could determine whether any of these ambitions ever break ground. Here’s what’s on the table – and where each project lands on the map.

1. LNG Canada Phase 2

Kitimat, British Columbia

• The ambition: Double the size of Canada’s first LNG export terminal to strengthen the country’s role in global gas markets and attract tens of billions in investment.
• The challenge: Environmental scrutiny and questions about long-term global demand as clean energy scales up could make the next investment decision difficult.

2. Darlington’s new nuclear project

Clarington, Ontario

• The ambition: Build the first operational small modular reactor in a G7 nation, powering 300,000 homes and positioning Canada as an early leader in the technology.
• The challenge: Nuclear megaprojects have often faced long, complex construction timelines and cost overruns.

3. Contrecoeur terminal expansion, Port of Montreal

Contrecoeur, Quebec

• The ambition: Increase container handling by about 60 per cent to expand direct trade and support thousands of construction and port-related jobs.
• The challenge: Environmental approval remains uncertain because of risks to endangered fish habitat, and a foreign partner’s long-term operating role has raised concerns.

4. McIlvenna Bay copper-zinc project

Hanson Lake, Saskatchewan

• The ambition: Launch Canada’s first net-zero copper mine, supplying metals essential for electrification while partnering with the Peter Ballantyne Cree Nation.
• The challenge: Foran Mining Corp. says the project is more than 50 per cent complete and on track to meet its production startup target of mid-2026, though it recently increased the cost estimate by 22 per cent to more than $1-billion.

5. Red Chris mine expansion

Iskut, British Columbia

• The ambition: Move the existing copper and gold mine underground to increase production and extend operations by at least a decade, providing high-wage jobs in the region.
• The challenge: Underground block-cave mining is costly and technically demanding, requiring careful environmental oversight.
• The other thing: This project is among others on this list that were already on the fast track, before being “fast-tracked.”

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6. Ksi Lisims LNG

Pearse Island, British Columbia

• The ambition: An Indigenous-led floating LNG facility seeking to boost export capacity and deliver new economic opportunities for the Nisga’a Nation.
• The challenge: Neighbouring First Nations have filed legal challenges over consultation and territorial rights, risking another high-profile conflict like the Coastal GasLink.

7. North Coast Transmission Line

Prince George to Terrace, British Columbia

• The ambition: Electrify a growing critical minerals and port corridor to support industrial development while reducing emissions in the northwest.
• The challenge: Financing for roughly $6-billion in capital infrastructure still needs to be secured, and collaboration with many Indigenous nations is essential.

8. Crawford nickel project

Timmins area, Ontario

• The ambition: Strengthen North American supply chains for electric vehicle batteries and green steel, with the potential to store carbon within mine waste.
• The challenge: The project requires substantial investment in a competitive global market where prices and supply arrangements shift quickly.

9. Matawinie graphite and Bécancour battery materials

Saint-Michel-des-Saints and Bécancour, Quebec

• The ambition: Provide a Canadian source of battery-grade graphite to help automakers reduce dependence on China while creating jobs in mining and processing.
• The challenge: Financing and scaling production are hurdles as global demand grows and market conditions fluctuate.

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10. Sisson tungsten-molybdenum project

Sisson Brook, New Brunswick

• The ambition: Re-establish Canada as a producer of tungsten, a critical metal for defence and high-performance manufacturing.
• The challenge: Investors remain hesitant because China dominates pricing, so government purchasing support may be needed.

11. Kuugaluk River hydroelectric project

Near Iqaluit, Nunavut

• The ambition: Replace diesel power in Nunavut’s capital with renewable electricity, reducing pollution and long-term costs in the North.
• The challenge: Construction in remote, extreme environments is complex, and a long-term agreement with the territorial utility must be finalized.

12, 13. ’Not so fast’

The government also announced there are “several strategies” for potentially “transformative” projects that require further development, including a high-speed rail between Toronto and Quebec City, and a potential expansion of the Port of Churchill in northern Manitoba.

You can read more about the projects here.

Charted

Tariffs send Canada off track

Canada has suffered a permanent economic loss because of U.S. protectionism. While the economy is projected to grow, it’s on a weaker path than it would have been in the absence of hefty tariffs.

Quoted

Why not, indeed. At an animal rescue farm in Tennessee, therapy birds are offering care and comfort.

Noted

More files we’re following

Today: Statistics Canada reports the country’s balance of trade with the rest of the world. Forecasts are calling for the deficit to narrow to about $15-billion in the third quarter, down from the record $21.2-billion shortfall in the previous period.

Tomorrow: That continued weakness is expected to show up in the country’s GDP report on Friday.

Black Friday (Week): Canadians are entering the most American of retail holidays eager to buy domestic products, but their spending power might limit their patriotism.

Morning update

Global markets were muted as investors took a breather after consecutive sessions of gains on rising hopes of a U.S. interest rate cut next month.

Wall Street markets were closed for holiday, while TSX futures pointed lower after resource stocks helped push Canada’s main stock market to another record close yesterday.

Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100 slid 0.2 per cent, Germany’s DAX rose 0.22 per cent and France’s CAC 40 gained 0.02 per cent.

In Asia, Japan’s Nikkei closed 1.23 per cent higher, while Hong Kong’s Hang Seng edged up 0.07 per cent.

The Canadian dollar traded at 71.20 U.S. cents.

Editor’s note: A previous version of this article described a project at McIlvenna Bay as having major capital needs. That is no longer the case. (Nov. 27, 2025) Previous versions of this article incorrectly stated that costs have already increased significantly on Darlington's new nuclear project in Clarington, Ontario. In general, nuclear megaprojects have often faced long, complex construction timelines and cost overruns.