Teck Drops C$20.6 Billion Oil Sands Frontier Project

"TORONTO - Canadian miner Teck Resources Ltd has withdrawn an application to build its C$20.6 billion ($15.7 billion) Frontier oil sands mine in Alberta, days before the federal government was to decide on whether to approve a project opposed by environmentalists and indigenous groups.

Teck said on Sunday it would write down the C$1.13 billion ($852.12 million) carrying value of the project. The news was first reported by the Globe and Mail newspaper.

The company released a letter by Teck Chief Executive Don Lindsay to Canada’s environment minister, stating Teck was “disappointed to have arrived at this point”.

The fate of the mine, which was first proposed in 2011, was expected to be decided next week in what had become a test of Canada’s commitment to reduce greenhouse gas emissions and repair relations with the country’s indigenous people."

Amran Abocar and Rama Venkat report for Reuters February 23, 2020.


"As Teck Oil Sands Mine Hopes For Okay From Canada's Trudeau, 20 Other Projects On Hold" (Reuters)

Source: Reuters, 02/24/2020