$30 barrel oil?

[Tik-Tok]

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I don't understand why Teck would withdraw their application for Frontier when they could wait for Trudeau to kill it and then blame him. It's days away.

Maybe they're hoping Trudeau will buy it from them?

[ExtraSlow]

Trudeau wasn't going to kill it, he'd send it for further "consultation" which would just mean deals and expenditures, with no hope of future approval. Teck acted decisively to reduce uncertainty and preserve capital.

[killramos]

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I don't understand why Teck would withdraw their application for Frontier when they could wait for Trudeau to kill it and then blame him. It's days away.

Because if he actually approved it they might have to actually do it lol

They can still claim Trudeau made it punishment by process at this point.

I maintain that I have no idea why they would want to build that mine at this point.

[lasimmon]

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I don't understand why Teck would withdraw their application for Frontier when they could wait for Trudeau to kill it and then blame him. It's days away.

I think it was going to be approved on tuesday with some conditions. They can politic it a bit this way. They weren't going to build it anyway.

[Buster]

so we wanted the approval just to prove that the process worked, but we didnt think they were going to build it? weird.

[pheoxs]

In theory could they not resubmit it still at a later date without going through a lot of it again? I.e. if the government changes to something more favorable and oil rises back up?

[suntan]

There’s about 20 other already approved oilsands projects on hold, so who knows.

[Buster]

seems that getting pipelines built is the bigger priority

[sabad66]

https://www.teck.com/news/news-relea...ontier-project

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

A lot of random excuses in there but clearly some shade being thrown at the government and indigenous protestors

[never]

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There’s about 20 other already approved oilsands projects on hold, so who knows.

20 approved? Are you sure it’s that many?

[msommers]

I suspect they're just fed up dealing with endless political uncertainly about being able to develop this asset. Wouldn't be surprised if Imperial Oil followed suit, this sadly could start a domino effect. I hope not, definitely not, but fuck this is a pretty crushing blow.

[suntan]

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20 approved? Are you sure it’s that many?

It's a lot.

Only Suncor, CNRL, MEG, Imperial and a couple of others are able to extract from oilsands without it costing an arm and a leg.

[Buster]

The rest of Canada does not want oil development of any kind, anywhere, ever. And they are willing to support Federal politicians who want to see that become reality.

This should not be a mystery.

There should be no different between someone who wants to develope energy in Canada and a western separatist. They should be a population that is in perfact allignment.

[msommers]

The east coast offshore developments will be completely unaffected. Thank God.

[suntan]

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The rest of Canada does not want oil development of any kind, anywhere, ever. And they are willing to support Federal politicians who want to see that become reality.

This should not be a mystery.

There should be no different between someone who wants to develope energy in Canada and a western separatist. They should be a population that is in perfact allignment.

Big open pit projects are going to be problematic. No matter that every single fucking mineral mine on the fucking planet is open pit and uses tailing ponds.

Smaller SAGD projects are the way forward. No one notices them, the visible footprint on them are getting smaller and smaller, you can keep your head down and STFU.

[msommers]

Great Tedx I watched today about open pit mining actually...

https://m.youtube.com/watch?feature=share&v=aWTkiQ64u_U

The same twats protesting now will start protesting in Manitoba, Ontario and Quebec soon enough.

[lasimmon]

Teck throwing shade at all levels of government. Not sure I disagree with them.

[revelations]

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The rest of Canada does not want oil development of any kind, anywhere, ever. And they are willing to support Federal politicians who want to see that become reality.

This should not be a mystery.

There should be no different between someone who wants to develope energy in Canada and a western separatist. They should be a population that is in perfact allignment.

I would go further in that AB oil is all 100% dirty oil in the minds of the fliberals and the eastern politicians.

SK and NFLD oil is 'ok' because they have a social license of some kind?

[AndyL]

Friday they were negotiating with chippewyan and had come to a new agreement.

Withdrawal means at least it's not rejected - never to go ahead again. My guess is they got informed they should withdraw it or face a rejection on Monday.

Bet there's a tailored tax incentive being thrown at Teck to grease the wheels.

[msommers]

lulz

https://globalnews.ca/news/4038135/b...-to-venezuela/

lulz x2

https://www.thepostmillennial.com/tr...ustry-suffers/