22:25:30 EDT Sun 19 May 2024
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Teck Resources Ltd
Symbol TECK
Shares Issued 512,012,714
Close 2023-10-13 C$ 53.15
Market Cap C$ 27,213,475,749
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Globe says Teck invited to restart oil sands project

2023-10-16 08:40 ET - In the News

The Globe and Mail reports in its Saturday edition that Alberta politicians were ecstatic by the Supreme Court of Canada ruling Friday saying Ottawa's law for assessing the environmental effect of major projects is largely unconstitutional. The Globe's Kelly Cryderman writes that it was the settling of a legal question in favour of provincial rights, but also a political boost for those who believe federal rules have improperly curbed new resource development. The clock starts ticking now for Ottawa to amend the Impact Assessment Act to put it in line with the court's opinion. Alberta hailed the ruling as a new era in project development. Premier Danielle Smith said, "Alberta is once again open for business." The Premier said if Teck Resources wants to rethink its 2020 shelving of its Frontier oil sands mine, have at it. "Start now. Because we're going to approve them. We have the constitutional authority to do it." However, the federal government suggested that tweaks to the existing legislation will suffice. Environment Minister Steven Guilbeault emphasized the court upheld the federal government's jurisdiction over development as it applies to areas such as fisheries, navigable waters and indigenous rights.

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