08:38:56 EDT Tue 21 May 2024
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Suncor Energy Inc
Symbol SU
Shares Issued 1,299,574,340
Close 2023-10-13 C$ 46.74
Market Cap C$ 60,742,104,652
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Globe says Suncor's Base mine expansion gets a boost

2023-10-16 07:42 ET - In the News

The Globe and Mail reports in its Saturday edition that in an advisory ruling, Supreme Court of Canada said Friday that Ottawa has overstepped its constitutional authority in how it regulates major resource projects in Canada, throwing the sector into deep uncertainty as companies wait for clarity from the federal government in its legislative response. A triple-bylined item led by Niall McGee says that since 2019, Ottawa, under the Impact Assessment Act, has had broad authority to approve or deny large-scale mining, oil and gas and forestry projects in Canada on environmental grounds. Alberta, which wants to see oil and gas projects approved at a faster clip, won a legal case in Provincial Court in 2022, challenging the constitutionality of the act. That ruling was subsequently appealed by Ottawa to the Supreme Court. On Friday, the court largely backed the ruling from the provincial Court of Appeal, in a 5-2 non-binding opinion. Such rulings from the Supreme Court are taken seriously by government and will shape impending legislative changes. The ruling may put energy projects such as Suncor Energy's planned Base mine expansion back into play, said Marla Orenstein at the Canada West Foundation, a think tank.

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