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TotalEnergies Takes Final Investment Decision on $1.2 Billion Mirny Project in Kazakhstan

-- TotalEnergies (TTE.PA, TTE.L) said Friday it took a final investment decision and secured financing for its Mirny onshore wind and battery energy storage system project in Kazakhstan.

The French energy group noted that the $1.2 billion project, to be financed 75% externally, will combine 1 gigawatt of wind capacity with a 600 megawatt-hour battery energy storage system.

The project, expected to reach its full capacity by 2029, will sell electricity to the government of Kazakhstan under a 25-year power purchase agreement.

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Hitachi Construction Machinery's Net Income Falls 10% in Fiscal Year 2025

Hitachi Construction Machinery's (TYO:6305) net income attributable to owners of the parent fell over 10% to 73.2 billion yen for the fiscal year 2025 from 81.4 billion yen a year earlier.The construction equipment supplier's net income per share declined to 344.06 yen from 382.83 yen a year ago, according to a Tokyo bourse filing on Friday.Revenue gained 2.5% to 1.405 trillion yen for the full year ended March 31 from 1.371 trillion yen in the prior year.It declared a final dividend of 110 yen per share, payable from May 29.For the fiscal year 2026, the company expects attributable net income of 80 billion yen, net income per share of 376.06 yen, and revenue of 1.430 trillion yen.Hitachi Construction Machinery plans to pay interim and year-end dividends of 90 yen and 100 yen per share, respectively, for the year, which is higher than the amount paid in the year-ago period.

$TYO:6305
Treasury

Canada's Food Prices Seen Steady or Cooler Ahead, Says BMO

The jump in March industrial product prices (IPPI) was no surprise, given higher energy prices in the month, but food was another story, said Bank of Montreal (BMO) after Thursday's IPPI data."Curiously," prices for food manufacturing slid month-over-month by a record amount, dragging down year-over-year growth to just over 3%, noted the bank.BMO recalls that readings through late-2025 and into early 2026 were getting "worrisome," pushing above 7% year over year. The bank says "worrisome" because these industrial prices are a pretty good leading indicator of prices faced by consumers at the grocery store.And those grocery prices can be tough psychologically -- in other words, reinforcing inflation expectations.For now, this points to "steady/cooler" grocery price inflation ahead, but the bank will see if there's not a snap back in the coming months.

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Mining & Metals

Hydro One to Construct Red Lake Transmission Line in Northwest Ontario

Hydro One (H.TO) will develop and construct the Red Lake transmission line in northwest Ontario, the company said on Friday.The proposed project consists of a new double-circuit 230-kilovolt transmission line that will run from Dryden Transformer Station (TS) north to Ear Falls TS, including associated station facilities and will continue on to connect to Red Lake Switching Station. It is expected to be in service by the early 2030s.The Red Lake Transmission Line is expected to add about 400 megawatts of electricity in northwest Ontario, nearly quadrupling existing capacity. It is also expected to strengthen regional reliability and reinforce the grid for newly connected northern remote communities and the broader region, a statement said.Proximate First Nations can invest in a 50% equity stake in the transmission line component of the project.Hydro One shares closed up $1.23 to $58.11 on Thursday on the Toronto Stock Exchange.

$H.TO