Teck Resources pulls Frontier oilsands mine project, blaming divisive debate over climate change
The company will write down the Frontier project’s $1.13 billion carrying value... Rejecting the mine would have sparked widespread anger in Alberta, where the mine would have provided jobs and investment; approving it would have alienated the Liberal prime minister’s environmentalist base... In a letter explaining why the miner pulled the plug, Chief Executive Officer Don Lindsay placed the blame on governments, saying Canada doesn’t yet have a clear framework to reconcile resource development and climate change... The mine would have produced about 260,000 barrels of crude a day, more than the daily oil consumption of Norway. It also would have emitted the equivalent of about 4.1 million tons of carbon-dioxide a year, making it harder for Canada to meet its greenhouse-gas reduction targets... Frontier [would have created] a projected 7,000 jobs during construction and as many as 2,500 operating positions during its four-decade life.