N.B. projects pitched at Canada Investment Summit aren't close to being shovel

N.B. projects pitched at Canada Investment Summit aren't close to being shovel-ready

Only one of the eight listed projects pitched at event in Toronto has environmental approval

New Brunswick advertised eight early-stage projects to investors who gathered for the federal government’s Canada Investment Summit in Toronto this week.

Of those, only the proposed Sisson Mine has received environmental approval, and it was conditional.

The other projects, including a data centre in Lorneville and additional nuclear power generation at Point Lepreau, are still in a planning or design phase.

Murshed Chowdhury, an economist and professor at the University of New Brunswick, said early-stage projects without regulatory approvals could be unattractive for investors.

“It gives mixed signals to the investors," Chowdhury said. "In one way, it signals to them that there are some opportunities, but in another way tells them probably these projects are yet to be developed."

Canada Investment Summit promoted as-yet unapproved N.B. projects

He said having the projects in front of investors from around the world is still good exposure but having projects further along could be more desirable for investors.

“It might be difficult for some investors to right away take these opportunities,” Chowdhury said.

New Brunswick’s eight projects were among more than 150 Canadian projects included in a list prepared by the federal government and distributed to investment summit participants.

Natural Resources Minister John Herron was alongside Premier Susan Holt represented the province in Toronto this week.

Herron said Holt was leading talks on the listed projects, and he focused on meetings about mining opportunities, and the projects he discussed were not on the summit list.

No shortcuts on meeting Sisson Mine conditions, CEO promises

One project found some success in Toronto. The Port of Belledune needs almost $1.5 billion US to expand its shipping infrastructure.

Denis Caron, the port’s president and CEO, said it secured 40 per cent of the funding it needs for the $350 million first phase of their project from an investment fund in the U.K.

He said the first phase will add new equipment conveyors and do dredging so they can receive larger ships.

Province pitches range of projects

Katie Beers, a spokesperson for Holt, said in an email that the federal government picked the New Brunswick projects to include in the list.

“New Brunswick submitted projects most investment-ready,” said Beers, adding that not all projects proposed by the province were chosen.

She said projects were also evaluated based on their development stage, proximity to a construction or investment decisions. and their ability to engage investors.

The Sisson Mine, among the projects furthest long, has 40 environmental conditions to fulfil, and its proponent, Northcliff Resources, has satisfied two of them.

Northcliff’s CEO Andrew Ing said the company will decide in late 2027 whether to go ahead with the mine.

Last November, the federal government referred the Sisson Mine project to its Major Projects Office.

The province would like to find private investment for the Mactaquac Dam’s life achievement project. The federal government’s list says the dam project needs between $5.1 billion US to $6.6 billion US to complete.

The list says the new Lepreau nuclear project is in the design and site preparation phase.

Port Saint John is also looking for investment so it can accommodate bigger ships and improve its warehouse. It doesn’t say how much money is needed for the Saint John project but it says the project is in the planning stages.

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The controversial Beacon data centre to be built in Lorneville will need $3.9 billion US. The federal government’s list describes it as a “hyperscale and AI-focused campus on 300 acres.” It says Beacon is looking for financing to build the campus, including power generation.

The province is also pitching an e-methanol project that could be built in either New Brunswick or Nova Scotia.

EcoRock’s pozzolan project in Dalhousie is being pitched too. The project will extract volcanic rock to be used in cement production which will lower greenhouse gas emissions.

Bringing investors to New Brunswick

Chowdhury said there would be competition among provinces as a result of the summit gathering. Chowdhury said New Brunswick does have some advantages with ports that give access to trading partners and natural resources.

“If you are a buyer and if you go door to door, you try to see … who is giving you the best offer.”

He thinks the province may have to offer tax breaks for investors to bring them here, especially if other provinces are offering the same.

Glen Savoie, the Progressive Conservative Party’s interim leader, said investors may be hesitant to come to New Brunswick because of its fiscal position.

“What's going to give them confidence is knowing that they can get a return on their investment and that New Brunswick is a good place to do business,” Savoie said.

“That hasn't been historically the case with Liberal governments and particularly Susan Holt’s Liberal government.”

Oliver Pearson is a reporter at CBC New Brunswick. He can be reached at oliver.pearson@cbc.ca