Teck Resources’ proposed huge oil sands project deemed in the public interest
It sounds like Teck Resources' proposed Frontier oil sands project is one step closer to approval, as a Federal government panel files a positive report about the massive project.
Here are some highlights according to the financial analysts site Seeking Alpha:
- A Canadian federal-provincial panel says Teck Resources' proposed 260K bbl/day Frontier oil sands project in Alberta would be in the public interest, even though it likely would significantly harm the environment and indigenous people.
- The panel's report includes several dozen recommended conditions, include mitigating harm to wildlife, monitoring pollutants and taking into account feedback from nearby First Nations.
- The panel also says the federal government could reap C$12B in taxes and Alberta could accumulate C$55B, with another C$3.5B in municipal property taxes, over the project's projected 41-year lifespan.
- Environmental groups question how allowing the project would square with Canada's plans to cut greenhouse gas emissions; Teck estimates the mine would emit 4.1 megatonnes of carbon dioxide per year.