Government climate plan part of Teck oil project decision, minister says

Dec. 12, 2019 2:36 PM ETTeck Resources Limited (TECK)TECKBy: Carl Surran, SA News Editor13 Comments
  • Canada's government will take into account its plan to make Canada carbon neutral by 2050 when it considers whether to approve Teck Resources' (TECK +2.6%) plan for the giant Frontier oil sands mine in Alberta, Environment Minister Wilkinson says.
  • On the other hand, the government will be "as responsive as we possibly can to the concerns and aspirations" of the residents of oil producing provinces Alberta and Saskatchewan, Wilkinson says.
  • Teck is seeking approval for its C$20.6B (US$15.5B) Frontier project, which involves an open pit mine that eventually would produce 260K bbl/day (bpd).
  • Regulators recommended approving the project in July, saying economic benefits outweighed "significant adverse effects" on the environment and indigenous communities.
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