The climate risk calculus of Teck’s cancellation of Frontier – Alaska Highway News

by ahnationtalk on February 25, 202044 Views

February 25, 2020

Teck Resources stock fell 5% Monday morning, following Sunday night’s announcement that the Vancouver-headquartered mining company was pulling the plug on its $20 billion Frontier oil sands project.

By the end of the day, the Vancouver company’s stock had recovered somewhat. But Canada’s stock as a place to invest in fossil fuel projects may have a harder time recovering.

Sunday night, Teck CEO Don Lindsay released a letter to federal Environment Minister Jonathan Wilkinson, announcing his company was withdrawing its Frontier oil sands project in Alberta from the federal environmental assessment process.

That saves Wilkinson and the Trudeau government from a decision that would have angered half of the country, regardless of whether it approved it or rejected the project.

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