Keyera's annual information form notes construction of sulphur handling, forming, and storage facilities at the South Cheecham rail and truck terminal, a joint venture with Enbridge, progressed through 2022. The about 4,000 to 4,400 tonnes a day wet prilling addition was expected to lift Vancouver export capacity potential by 5 to 10 percent once fully operational. The AIF is at https://www.keyera.com/wp-content/uploads/2026/01/2024-Keyera-Annual-Information-Form.pdf.
Argus's late-2022 viewpoint used the same 4,000 tonnes a day and 5 to 10 percent figures, subject to international demand. November 2022 is construction. Third-quarter 2023 is commencement. January-May 2024 is startup issues. The AIF is the corporate confirmation that the project was still being built through the price crash.
Alberta recovered sulfur still leaves mainly through Vancouver. Building forming near Fort McMurray during a year that peaked at $478 FOB and closed under $65 is a midstream bet on oil-sands recovery, not on a permanent $478. Take-or-pay sulphur services underwrite that bet. The 2.79 million tonne 2022 harbour year was achieved without Cheecham. The 3.10 million tonne 2023 year would include a half-year of it.
Heartland's Edmonton-area about 4,500 tonnes a day of forming, commissioned around 2021, remained the remelt node that existed while Cheecham was still steel. Two geographies: remelt depth near Edmonton, new recovery near the mines. November 2022 is when that map was still incomplete.
Tampa $481 in April and heading toward $90 in the fourth quarter, USGS, is the Florida path construction lived through. Unit value $150 for the US year is the average. Canadian oil-sands Claus does not care. It tracks bitumen. Forming plants care about FOB after remelt, rail, and terminal. Cheecham's take-or-pay structure is how forming gets built when FOB is a coin flip.
USGS Canada about 4.9 million tonnes in 2022 is the recovered book this capacity is meant to make exportable as solid. Molten rail south remains the other door. Cheecham is the Pacific solid door's inland end, not a Tampa plant.
Long-term contracts, not weekly assessments, are the investment case. Licensed weekly grids are not restated. The 4,000 to 4,400 tonnes a day range is Keyera and Argus public language.
Figures follow Keyera. South Cheecham advancing through 2022 is the construction chapter under a crash-year FOB.