"The joint-review panel relied on a long-term oil price projection of more than $95 US per barrel provided by Teck, the IEEFA wrote, about $40 US higher than current prices and around $20 US higher than other forecasts.On Friday, Teck released disappointing fourth quarter results, saying global economic uncertainty negatively impacted commodity prices.The project was also expected to produce about four million tonnes of greenhouse gas emissions per year over its 40 year lifespan, and disturb 292 square kilometres of pristine wetlands and boreal forest — although that whole area wouldn't be mined at once. Frontier, however, has surfaced a broader debate over climate change and Canada’s role in addressing it. “What it said to me is there’s a level of uncertainty in Canada right now around the development of our resources that just makes companies wary of trying to bring big investments here,” said Richard Masson, a fellow with the University of Calgary’s School of Public Policy and vice-chair of the World Petroleum Council.Despite the application, though, it was never entirely certain that the mine would go ahead, even if it was approved.Now that it has formally abandoned those plans, here’s what we know about why.Teck announced its withdrawal of the application in a brief press release Sunday night.“Teck put forward a socially and environmentally responsible project that was industry leading and had the potential to create significant economic benefits for Canadians,” Lindsay wrote, noting the company views the work it did to get Indigenous support for the project as an important “foundation” for the future.But ultimately, Lindsay said the lack of certainty from multiple angles forced the company’s hand.“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,” he said.“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,” Lindsay continued, “it is now evident that there is no constructive path forward for the project.
When fully operational, the mine is projected to produce some 260,000 barrels of oil a day and generate at least $12 billion in federal income and capital taxes.Kenney says the mine would create 7,000 jobs during construction and require up to 2,500 workers during operation.The data says opposition to the project largely comes from responders in Quebec, with 57 per cent disagreeing with the construction of the mine.They are also the largest group to say they strongly oppose the project, at 39 per cent, while Alberta was the most supportive, with strong support at 60 per cent.Indigenous and environmental groups have argued that approval would have negative consequences.The report says the project would endanger wetlands, old-growth forests, wetland and old-growth reliant species, fishers, Canadian lynx, woodland caribou and the Ronald Lake bison herd. It also says biodiversity would be at risk.While awaiting a decision from the federal government, Teck Resources Ltd. has said it has set a target to be "carbon neutral" by 2050.As well, Teck says it will look at alternative ways of moving materials at its mines, using cleaner power sources and implementing efficiency measures.However, when responders were asked whether the pledge to be carbon neutral makes them more likely to support the project, 77 per cent said it would not.In Alberta, 76 per cent think the project will be completed if approved. Mining firm Teck Resources has decided to withdraw its application for the Frontier mine project, Global News confirmed. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) today announced it is withdrawing the Frontier Project from the regulatory review process. At the same time, there is an urgent need to reduce global carbon emissions and support action on climate change. Pseudonyms will no longer be permitted.By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Teck Resource ‘s Sunday night decision to abandon its Frontier oilsands mine proposal appears to have shocked both supporters and critics of the project. Last-minute negotiations settle a First Nation's concerns over the Teck Frontier oilsands mineDecision on Teck oilsands mine coming next week: Jim Carr Comments on this story are moderated according to ourIt is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges.Closed Captioning and Described Video is available for many CBC shows offered onVancouver-based Teck Resources Ltd., has withdrawn its application to build a massive oilsands project in northern Alberta, citing the ongoing debate over climate policy in Canada.Teck withdraws application for $20B Frontier oilsands mineIndigenous leaders meet at Kahnawake after Trudeau says blockades must come downChris Hall says the bigger question now is about Canada's investment climate after a major resource project is called off.
Lombok Earthquake August 2018, Houston Crime Rates By Year, Best Restaurants Olympia, Wa, Ninja Arcade Games 80s, Does Matchbox 20 Have A New Album, Used Bikes Westchester Ny, Guava Recipes Dessert, Mori Art Museum Tripadvisor, Sideways Wallet Scene, Bax And O Brien Wiki, White Tiger Scientific Name, Ben Simmons Height And Weight, Abc Best Albums, North Beach Provincial Park Open, Moving To Slidell, La, France Lotto Result 2017, Who Votes For Legislative Council In Hong Kong, How Many Mosques In Georgia, Jira Velocity Template, Sawyer Name Popularity 2020, Are Michigan Beaches Open, Ksbw News App, Wiki Robert Ginty, Lisaraye Mccoy Now, Moby-dick Chapter 20 Summary, Suny Potsdam Hours, Noho Hank Volleyball, No Right Turn Symbol, Owasco Lake Restaurants, Diane Crossfit Women's Weight, Guess Who Characters Richard, Ithamar Meaning In Hebrew, Modern Warfare Announcer Voice, Barcelona City Pass Discount Code, Sally Williams Creepypasta, Ninja Race Game, Urzila Carlson Brisbane 2020, Island Park To Mammoth Hot Springs, Do Banks Call To Verify Checks, Who Owns The Traverse City Record-eagle, Who Wrote The New Testament, Survivor Casting Call Michigan, Four Seasons Maldives Landaa Giraavaru, Emotional Discrimination Meaning, Lollapalooza Tickets 2021, Child Protective Services Email, Eerste Divisie Top Scorers, Gmail Mobile Figma, Patricia De Lille Husband, Ocean City Hotel Deals Boardwalk, Best Loved Dr Seuss Books,