teck mines

imdoo'n

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teck mines witdhraws there application, WTF!!!!!


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Published Sunday, February 23, 2020 7:41PM MSTLast Updated Sunday, February 23, 2020 8:02PM MST

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EDMONTON -- Teck Resource Limited has withdrawn its application for the Frontier oil sands project in Alberta from the federal environmental assessment process.
The move came the same day the Alberta government announced it had struck deals with two first nations over the project.
In a letter to Jonathan Wilkinson, minister of fisheries and oceans, Teck said the decision was made because of environmental unrest.

"Global capital markets are changing rapidly and investors and customers are increasingly looking for jurisdictions to have a framework in place that reconciles resource development and climate change, in order to produce the cleanest possible products. This does not yet exist here today and, unfortunately, the growing debate around this issue has placed Frontier and our company squarely at the nexus of much broader issues that need to be resolved. In that context, it is now evident that there is no constructive path forward for the project," the letter reads.
Premier Jason Kenney issued a statement on Teck's decision to withdraw shortly after it was announced.
"Teck’s decision is disappointing, but in light of the events of the last few weeks it is not surprising. It is what happens when governments lack the courage to defend the interests of Canadians in the face of a militant minority. The timing of the decision is not a coincidence. This was an economically viable project, as the company confirmed this week, for which the company was advocating earlier this week, so something clearly changed very recently," he wrote.
The letter from Teck to Jonathan Wilkinson appears below in it's entirety:
Dear Minister:
I am writing to advise that after careful consideration Teck has made the difficult decision to formally withdraw our regulatory application for the Frontier oil sands project from the federal environmental assessment process.
We are disappointed to have arrived at this point. Teck put forward a socially and environmentally responsible project that was industry leading and had the potential to create significant economic benefits for Canadians. Frontier has unprecedented support from Indigenous communities and was deemed to be in the public interest by a joint federal-provincial review panel following weeks of public hearings and a lengthy regulatory process. Since the original application in 2011 we have, as others in the industry have done, continued to optimize the project to further confirm it is commercially viable.
Teck is extremely proud of the work done on this project and the strong relationships that we have formed with local governments, labour organizations, scientists, researchers and many other stakeholders, as well as with affected Indigenous communities. We believe that our agreements with Indigenous communities on Frontier, and very recently the work undertaken by the Alberta government with Indigenous communities in the region, form an important foundation for the future, and we applaud them for this milestone achievement.
However, global capital markets are changing rapidly and investors and customers are increasingly looking for jurisdictions to have a framework in place that reconciles resource development and climate change, in order to produce the cleanest possible products. This does not yet exist here today and, unfortunately, the growing debate around this issue has placed Frontier and our company squarely at the nexus of much broader issues that need to be resolved. In that context, it is now evident that there is no constructive path forward for the project. Questions about the societal implications of energy development, climate change and Indigenous rights are critically important ones for Canada, its provinces and Indigenous governments to work through.
I want to make clear that we are not merely shying away from controversy. The nature of our business dictates that a vocal minority will almost inevitably oppose specific developments. We are prepared to face that sort of opposition. Frontier, however, has surfaced a broader debate over climate change and Canada's role in addressing it. It is our hope that withdrawing from the process will allow Canadians to shift to a larger and more positive discussion about the path forward. Ultimately, that should take place without a looming regulatory deadline.
Resource development has been at the heart of the Canadian economy for generations. Resource sectors including the Alberta oil sands create jobs; build roads, schools and hospitals; and contribute to a better standard of living for all Canadians. At the same time, there is an urgent need to reduce global carbon emissions and support action on climate change.
As a proudly Canadian company for over 100 years, we know these two priorities do not have to be in conflict. Our nation is uniquely positioned with abundant natural resources coupled with strong environmental regulations and a deeply engrained culture of social responsibility. We can build on that foundation and be a global provider of sustainable, climate-smart resources to support the world's transition to a low carbon future. And yes, that can include low-carbon energy produced from the Alberta oil sands from projects like Frontier, using best-in-class technology, which would displace less environmentally and ethically sound oil sources.
At Teck, we believe deeply in the need to address climate change and believe that Canada has an important role to play globally as a responsible supplier of natural resources. We support strong actions to enable the transition to a low carbon future. We are also strong supporters of Canada's action on carbon pricing and other climate policies such as legislated caps for oil sands emissions.

The promise of Canada's potential will not be realized until governments can reach agreement around how climate policy considerations will be addressed in the context of future responsible energy sector development. Without clarity on this critical question, the situation that has faced Frontier will be faced by future projects and it will be very difficult to attract future investment, either domestic or foreign.
Teck has not taken this decision lightly. It is our hope that the decision to withdraw will help to create both the space and impetus needed for this critical discussion to take place for the benefit of all Canadians.
Sincerely,
Don Lindsay
President and Chief Executive Officer
Teck Resources Limited












 
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imdoo'n

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[h=1]Teck shelves Frontier mine project amid Wet'suwet'en anti-pipeline protests: source[/h]The Frontier mine has gone through nearly a decade of regulatory review and a decision by the Liberals would have marked the final stage in the long approval process

JESSE SNYDER
Updated: February 23, 2020

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Protesters on both sides of the Frontier mine issue gather in Calgary on Wednesday, Jan. 22, 2020. JIM WELLS/POSTMEDIA
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Teck Resources has officially withdrawn its application to build the $20-billion Frontier oilsands mine, just days before Prime Minister Justin Trudeau was expected to issue a ruling on the contentious project.
“We are disappointed to have arrived at this point,” Don Lindsay, CEO of the company, said in a letter to Trudeau published late Sunday. “Teck put forward a socially and environmentally responsible project that was industry leading and had the potential to create significant economic benefits for Canadians.”
One person who spoke to the National Post said the decision by Vancouver-based Teck was largely due to ongoing political turmoil in Canada, as protestors have blockaded rail lines for more than two weeks in opposition to a separate pipeline project.
The Frontier mine has gone through nearly a decade of regulatory review, and a decision by the Liberal cabinet, which was expected by end of week, would have marked the final stage in the drawn-out approval process.
[h=2]RELATED[/h]
The company had secured community benefit agreements with all 14 of the First Nations who reside near the proposed mine. But pressure had been building on the Trudeau government to cancel the project, due to concerns that it would inhibit the federal government’s ability to meet its 2030 and 2050 climate targets.
Pausing the project offers immediate relief to the Trudeau government, which was deeply divided over the oilsands mine. The prime minister has long sought to balance interests in both the environmental community and industry, arguing that Canada can both grow its economy while also meeting stringent international climate targets.
Major projects including oilsands mines need to be approved by the federal government before they can proceed.
During the election campaign Trudeau pledged that Canada would reach net-zero emissions by 2050. Ottawa is separately set to fall short of its 2030 commitments to reduce greenhouse gas emissions.
The economics of the Frontier megamine had long been in question after oil prices collapsed in 2014, making many large and heavy oil projects less viable. Some observers openly questioned whether the mine would ever be built.
Members of Beaver Hills Warriors and Extinction Rebellion Edmonton protest further expansion of the oil sands, specifically the Teck Frontier Mine, inside Canada Place, in Edmonton Wednesday Jan. 22, 2020. DAVID BLOOM
But the decision also comes at a time of nearly unprecedented divisiveness over natural resource projects in Canada, as some First Nations bands and environmental advocates clash with project proponents.
Protestors have been blockading critical rail lines in Canada for more than two weeks, snarling major arteries for goods and commuters, in response to the Costal GasLink natural gas pipeline currently being constructed in northern B.C.
The pipeline, which would feed into a massive liquefied natural gas (LNG) project on the West Coast, also secured the support of elected First Nations living along the route. But a handful of Wet’suwet’en hereditary chiefs have opposed the project.
Similar protests are expected to erupt over the construction of the Trans Mountain pipeline expansion, now owned by Ottawa, which would transport oil products from Alberta to the Vancouver port.
Teck’s decision on Sunday came just after Alberta signed updated agreements two First Nations on Frontier, the Athabasca Chipewyan First Nation and Mikisew Cree First Nation. The Chipewyan had recently come out against the Alberta government’s handling of the file, and called for increased funding on several environmental efforts tied to the project.

 

Mike270412

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Welcome to Canazuela.
On the bright side; I read an article today that said a bazillion dollars is being spent in the Russian oil patch. There should be jobs there for most of us.
 

Ronaha

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We’ll be begging the Rez for money, not the other way around, good job libtards.
 

CJR

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Maybe we can take those pallets from the CN rail line and build a raft to block the St. Lawrence.
 

MP Kid

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There is 6 email addresses at the bottom of this article that need to hear how disappointing it is for our federal government to allow projects like this to fail.....
 

tejay

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Teck.b dropped 15% on Friday, would seem there was some inside knowledge of Sunday’s announcement.
CADE4B75-17AC-40AC-BDF1-DE20BFCA3844.jpeg Thankfully I got rid of mine a while back but like you say who knew on Friday what was going down.? Certainly can’t blame them with the price of oil and the political climate happening right now .
 

Zrock

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Expect to see a lot more of this... I bet anything that if the native bands would have not signed on the deal would have went through.. But with all the BS of blockades and everything else that has happened with the native bands no large company will want anything to do with them... These blockades have signed a a death warrant for Native bands as no big business will want to sigh on with anything they are a part of in fear of something like that happening... But hey all these protesters and the couple of hereditary chiefs dont give a **** about anyone else and the effect they have on people...
 

lilduke

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View attachment 222539Thankfully I got rid of mine a while back but like you say who knew on Friday what was going down.? Certainly can’t blame them with the price of oil and the political climate happening right now .

that would have been good one to dump a while back.

as far as the insider trading goes, should be investigated, that is illegal. but likely nothing will come of it.
 
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Billy Boy

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Are you surprised? Why would anyone invest in Canadian oil right now?

The area of mega projects in Canada is over!! The eco terrorists, radical left and anarchists have won, even with a change in government it would still be a hard sell to get a project approved and completed.
 
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