Teck Resources Withdraws Application for Alberta Oil Sands After Sustained Protests


The planned mine, about an hour's drive north of Fort McMurray, would have extracted the material to produce 260,000 barrels per day of bitumen, a type of heavy crude oil, according to the Government of Canada's website.

The premier said he spoke twice to Teck CEO Don Lindsay over the weekend, prior to Teck announcing late on February 23 it would not proceed with the mine.

There is no doubt this is Justin Trudeau's fault.

"This readout omits Premier Kenney's strong and direct expression of frustration at the federal government's lack of urgency and organization on the Frontier decision, which we have been raising with them for months".

Last week, author Alice Munro and dozens of other Nobel Prize winners urged Trudeau to reject the project, calling fossil-fuel expansion an affront to the climate emergency and incompatible with Canada's pledge to reduce greenhouse gas emissions.

Protesters have been standing in solidarity with Wet'suwet'en hereditary leaders who oppose a natural gas pipeline through their territory. "We agree with Teck and leading industry groups that all orders of government need a real plan for climate action now and to reach a net zero economy by 2050".

"Canadians don't want finger pointing, they want us to work together, they want us to collaborate, they want us to have a concrete plan to address climate change, and I think we have a responsibility because it's important of course for the well being of Canadians, it's also important for businesses and investors as well".

The Woodland Cree First Nation will receive $187,688 to join the province's challenge to the contentious Bill C-69, which outlines new rules for resource projects in Canada.

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"This is a black eye for Canada".

He said Frontier surfaced a broader debate on resource development, Indigenous rights, and Canada's role in addressing climate change. Athabasca Chipewyan Chief Allan Adam told Postmedia on Sunday evening.

"To send a clear signal that we will not tolerate this", said Justice Minister Doug Schweitzer.

While the premier hasn't hinted at what fledgling oil projects his province could get equity stakes in-he floated the idea of backstopping Alberta First Nations investment into the Teck mine, but that was when it was alive-he could be gambling on far riskier, long-term ventures than Trans Mountain, which is saying a lot, given the risk-laden past of that project. He said the proposal was both socially and environmentally responsible and had support of indigenous people in the region.

On Monday, Teck's Class B common shares fell 4.15% or 60 cents to $13.85 on volume of 2.6 million. "But seeing these projects break the back of the opposition and move to a point where they are clearly going to proceed, that's what I'm looking for". The two men agreed on the importance of the resource sector, re-affirmed their shared commitment to keep creating good jobs and hoped for a peaceful solution to the blockades grinding parts of the country's rail network to a standstill, the report from the Prime Minister's Office read. "The finance and economics of oil sands development can not work in the current market because the prices are too low and the costs of extraction of oil sands are too high".

BMO analyst Jackie Przybylowski, however, said the decision was negative as it removes a potential boost to the stock.

"Not only do we need a short-term solution on this, what's the long term solution in terms of trying to make sure that this doesn't happen again?"

The decision is "more devastating news for the Canadian economy" and the decision is "the result of federal regulatory uncertainty and the current lawless opposition to resource development", Kenney said in a tweet, referencing rail blockades across Canada tied to protests over a natural gas pipeline.