Diversified major Teck Resources CEO Don Lindsay on Sunday announced the group’s “difficult decision” to formally withdraw its Frontier oil sands project from the federal regulatory review process.
As a result, the major announced it would write down the C$1.13-billion carrying value of the Frontier project.
The announcement comes only days before Prime Minister Justin Trudeau’s government was meant to decide on the fate of the C$20.6-billion project. At 260 000 bbl/d of crude oil, Frontier would have been one of the largest oil sands mines in Alberta and commentators have warned that approving the project, could call into question Trudeau’s commitment to reduce the country’s greenhouse-gas emissions to net zero by 2050.