BREAKING : Teck pulls Mine application

[Bigjohn87]

Reports coming in from Globe and Mail that Teck has pulled their application for the Frontier Mine project.

You need a subscription to read the Globe and Mail so no point posting a link. It's also on Twitter.

Devastating news.

[C2C3PO]

Yes, sad news indeed !
Basically Teck cites 2 reasons for this: 1) political uncertainty, and 2) unfavorable market conditions to make it profitable ( price of oil/bbl).

[MountainTi]

Saw that. Not surprised at all. This country is swirling down the toilet bowl faster than I ever imagined possible. It needs a cleansing..

[Selkirk]

.
Reuters News link 👉 https://www.reuters.com/article/teck...-idUSL2N2AO01D

We'll probably get a lot more details tomorrow.

Selkirk

[Trochu]

Justin's so happy, doesn't have to make a decision.

[Talking moose]

Sigh......

[cody j]

Not surprising, the way things are now even if it received approval from everyone involved, they could spend years and hundreds of millions of dollars only to be stopped dead by a couple protestors in the future

[gramps73]

sad news for this country
and down we go

[Trochu]

It boggles my mind that there are actually people who are happy about this.

[RandyBoBandy]

We are seriously going to hell in a hand-basket

[KinAlberta]

Originally Posted by Trochu

It boggles my mind that there are actually people who are happy about this.

It’s neither good news nor bad news. It’s just how it is.

There’s just way too many snowflakes on both the left and the right. Those on the right get worried by stuff like this when it’s just how business and investment work in the real world.

The right leaning snowflakes flipped out at just the suggestion of a royalty rate review, thinking business and investment should be able to operate in a world of perfect certainty.

Today they can’t seem to handle the reality that Alberta’s economy faces a new reality. The world is awash in oil and gas. Now even natural gas is under attack. (Building code changes in US cities requiring all electric buildings, cities in the US and Europe working to eliminate their reliance on natural gas, etc)

We are the new asbestos miners or tobacco farmers and Albertans need to toughen up to that reality.

Canadians need to wake up to understand the reality of our merchandise trade numbers and realize that our cushy existence is going to disappear because oil has been the real net revenue generator for Canada for years now. Borrowing from the world to build thousands of houses and condo towers in Vancouver and Toronto does not sustain an economy.

Exports pay for our importing and global travel loving lifestyles and on a net trade basis it’s been oil exports paying those bills. (Check out the nets for merchandise trade to see what I mean. Our provincial war room will be too ignorant to do so.)

And if you think trade in services will save us you don’t understand the power of China and the US to buy or create dominance in all service trade flows.

[32-40win]

Kenney had best be changing his tune now.

[bdub]

Sad for Alberta. They announced a 400 million$ write down on it last week. Not surprised with the way things are going.

[Silvercreek]

Good.

[Buckhead]

Actually, really bad. Horrible, in fact.
Lots of groups with their hands out wanting tax dollars and the Liberals spending like drunken sailors with no concept of how those dollars were generated.
Pretty sad. Not the Canada I grew up in.