This oil sands project in Canada has been the works for a decade. Now the company behind it is backing out – CNN
New York (CNN Business)Canadian miner Teck Resources announced it will drop plans for its controversial Frontier oil sands project in Alberta, Canada. The project gripped the Canadian public for months, sparking a heated debate about the economy and the environment.
With debate about the oil sands project consuming Canada, Teck decided to abandon its plans. The company will take a charge of 1.13 billion Canadian dollars, or $850 million, as a result.
“We are disappointed to have arrived at this point,” said a letter to the Canadian federal government from Teck CEO Don Lindsay. He said the proposal was both socially and environmentally responsible and had support of indigenous people in the region. But he said that both the debate over the project and the economics forced it to move on.