Teck withdraws $20B Frontier oilsands mine application

#Vancouver; #CanadaClimatePolicy; #TechOilsandsMine 

Vancouver, Feb 24 (Canadian-Media): An ongoing debate over climate policy in Canada led Vancouver-based Teck Resources Ltd. to pull its application to build a $20.6-billion oilsands project in northern Alberta, media reports said.

Mines & Technology. Image credit: Twitter handle

Teck CEO and president Don Lindsay said in a letter to Canada's federal Environment Minister Jonathan Wilkinson, that customers want policies to reconcile resource development and climate change.

Participation agreements with the Tech company on the mine had been signed by Fourteen First Nations and Metis communities and was pending a decision by from Canada's Prime Minister Justin Trudeau's government by the end of the month on the 260,000-barrel-per-day Frontier oilsands mine.

The Albertans were greatly disappointed by Teck's decision to take a $1.13-billion writedown on the project, which would have created 7,000 construction jobs, 2,500 operating jobs and brought in more than $70 billion in government revenue.

"It is what happens when governments lack the courage to defend the interests of Canadians in the face of a militant minority," Alberta Premier Jason Kenney said in a statement.  

Thread□ on Teck’s decision to withdraw its application for the Frontier Mine.

My full statement here: https://t.co/Q4Mqcn6fPd https://t.co/np8RrxfXrT

— Jason Kenney (@jkenney) February 24, 2020