Episode 40. BEST IN CLIMATE. Teck Resources Withdraws Application for Huge Alberta Oil Sands Mine
In this BEST IN CLIMATE Episode, Christine reads the bombshell letter sent by Don Lindsay, CEO and President of Teck Resources Limited, to the Canadian federal Minister of Environment and Climate Change. The letter outlines the reasons Teck has withdrawn the Frontier Project, a 113 square mile oil sands mine in northern Alberta, from the regulatory review process. After a lengthy 9 year application process, Teck Resources made the decision to cancel the project, and write down the mine’s $1.13 billion “carrying value” (which is an accounting measure of the value of an asset based on the figures in the respective company’s balance sheet) just days before an announcement was expected from the government on whether or not the mine could go ahead.