By The Canadian Press

Teck Withdraws

Teck withdraws application for Frontier mine, citing discourse over climate change

Feb 23, 2020 | 10:06 PM

VANCOUVER – Teck Resources Ltd. says it’s withdrawing its
application for a massive oilsands mining project just days ahead of
an expected government decision, citing the political discourse over
climate change.

The company says it will take a $1.13-billion writedown on the
Frontier project in Alberta.

In a letter to the federal environment minister, Teck CEO and
President Don Lindsay says investors and customers increasingly want
jurisdictions to have a framework in place that reconciles resource
development and climate change.

He says that “does not yet exist here today,” and that the
growing debate around the issue has placed Frontier and the company
“squarely at the nexus of much broader issues that need to be
resolved.”

The proposed $20.6-billion project was expected to create an
estimated 7,000 construction jobs, 2,500 operating jobs and about
$12 billion in federal income and capital taxes, but was also
expected to produce about four million tonnes of greenhouse gas
emissions per year over 40 years.

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Fourteen First Nations and Metis communities signed participation
agreements with the company on the Teck mine, and the project was
awaiting approval from Prime Minister Justin Trudeau’s government.
(The Canadian Press)