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Ottawa Snubs Pipelines in New List

Ottawa’s first “projects of national interest” list contains zero oil pipelines, according to three sources who told Radio-Canada ahead of Thursday’s announcement.

A senior source quoted by Radio-Canada was unequivocal: “There is no [oil] pipeline project on the table,” despite repeated campaign-trail framing of Canada as an “energy superpower.”

Prime Minister Mark Carney previously left the door open, saying “not necessarily pipelines, but maybe pipelines: we’ll see.”

The Prime Minister’s Office has stressed provincial consensus and private sector participation as prerequisites. In back-channel discussions earlier this summer, Carney told Alberta that a private developer must be involved for any pipeline to proceed.

You can read more on the matter here.

What’s going on?

• Alexei Navalny’s Widow Calls For EU To Reject Russian Visa Ban (theDeepDive)

• South Korean shipyard sweetens its submarine sales pitch to Canada (BNN)

• Poll Shows 6 In 10 Canadians Back Ottawa Removing 100% Levy on Chinese EVs (theDeepDive)

• Mortgage Rates Are at an 11-Month Low. Will That Save This Housing Market? (WSJ)

• Over $80B Deficit Estimated As Carney Budget Update Still Missing (theDeepDive)

• FBI release images of person of interest related to Charlie Kirk shooting (Globe)

• Doug Ford Tells Jobless Youth to ‘Look Harder’ (theDeepDive)

• US regulator launches inquiry into AI ‘companions’ used by teens (FT)

• Six Killed As Israel Strikes Hamas Leadership In Qatar; Chief Negotiator Survives (theDeepDive)

What’s the latest?

• Household Debt: Statistics Canada says household debt rose faster than income in Q2, pushing the debt-to-income ratio to 174.9%, or $1.75 owed for every $1 earned. The household debt service ratio also edged up to 14.41%. Total household debt surpassed $3.1 trillion, with mortgages making up nearly 75%. A separate PBO report found wealth remains concentrated, with the top 10% holding 53% of Canada’s net wealth, while the bottom 40% hold just 3.3%.

• Teck Resources: Teck Resources CEO Jonathan Price says the miner’s merger with Anglo American will create “Anglo Teck,” a $70B company focused on copper, with $4.5B to be invested in Canada’s critical minerals sector over five years. Plans include $2.4B to extend the Highland Valley Copper mine to 2046 and a strong focus on scaling six world-class copper assets. The deal, structured as a merger of equals, is expected to generate $800M in savings and $1.4B in annual EBITDA uplift, making the combined firm the world’s fifth-largest copper producer. The headquarters will be in B.C., with a shareholder vote later this year.

• Real Estate: B.C. home sales in August totaled 5,900 units, up just 0.5% from last year but 24% below the 10-year average, according to the B.C. Real Estate Association. The average home price fell 1.4% to $926,000, while the total value of sales slipped 0.9% to $5.5B. The Lower Mainland saw the sharpest gap from historical norms, though economists expect modest improvement in late 2025.

• Markets : The S&P 500 rose 0.7%, the Dow gained 546 points (1.2%), and the Nasdaq climbed 0.6%, all heading toward record highs. Inflation accelerated to 2.9% in August from 2.7% in July, above the Fed’s 2% target, while jobless claims rose, signaling labor market weakness. Centene (+12.1%), Opendoor (+51.5%), and Kroger (+1.9%) led gains, while Oracle fell 3.6% after a prior surge. Abroad, France’s CAC 40 rose 0.6%, Germany’s DAX 0.3%, Shanghai 1.7%, and Hong Kong slipped 0.4%. Treasury yields eased, with the 10-year at 4.01%.

• Inflation: U.S. inflation rose 2.9% in August, up from 2.7% in July, the largest gain since January, while core prices held at 3.1%. Monthly, prices climbed 0.4%, double July’s pace, with core up 0.3%. Unemployment edged to 4.3% as job growth slowed and layoffs picked up. The Fed is expected to cut its key rate to 4.1% next week despite inflation staying above its 2% target.

Amex Drops New PEA

The stock market and stuff

• Barrick Mining Sells Hemlo Gold Mine In Deal Worth Up To $1.09 Billion (theDeepDive)

• Opendoor stock soars 65% after company names new CEO (CNBC)

• Newmont To Delist From The TSX Due To Low Trading Volumes (theDeepDive)

In the juniors

• Union Strike Suspends Soma Gold’s Colombia Operations (theDeepDive)

• Galiano Gold Halts Operations At Esaase Deposit After Fatal Clashes (theDeepDive)

• Gold X2 Hits 50.85 Metres Of 2.18 g/t Gold At Moss Gold (theDeepDive)

FULL DISCLOSURE: Canadian Copper is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Copper. The author has been compensated to cover Canadian Copper on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.