Alberta reaches settlement with 2 coal companies over policy change
CBC
Two coal companies that sued Alberta over its decision to change the rules around coal mining have reached a settlement with the provincial government.
In a notice published online, Evolve Power Ltd. said it had reached an agreement-in-principle with the government to resolve its claim over the Chinook Project. Two days earlier, Atrum Coal Ltd. said it had signed a definitive agreement to settle its lawsuit concerning the Elan Coal Project.
Both companies alleged the government's decision to open up mountains to more mining in 2020 but later reversing course on those plans amounted to a constructive taking, or "de facto expropriation," of their coal assets. The news of the settlements was first reported by The Globe and Mail.
The dollar figures of the agreements were not disclosed, with both companies saying terms were confidential and subject to settlement privilege. Both said they would seek to update shareholders later this year.
Including Evolve and Atrum, five companies sought more than $15 billion in damages in a joint case tied to the policy change.
The other companies were Cabin Ridge Holdings Ltd. and Cabin Ridge Project Ltd.; along with its subsidiary, Elan Coal Ltd. and Black Eagle Mining Corp., all of which did not immediately respond to requests for comment from CBC News.
A spokesperson with Alberta's Ministry of Treasury Board and Finance declined to comment, citing the matter being before the courts. Peter Doyle, CEO of Evolve, also declined to comment.
Northback Holdings also launched a damages claim in June 2024 to be heard separately. A representative with Northback didn't immediately respond to an inquiry from CBC News.
Nigel Bankes, an emeritus professor of law at the University of Calgary who specializes in natural resources and energy law, said there are still many details that the public does not know about these cases.
"We don't know the terms in dollar terms, but we also don't know what the companies are giving up," he said.
"Are they returning to the Crown all of their coal rights as part of the deal?
Bankes said he wasn't surprised that the settlement agreements are confidential.
"They will always have in them, though, clauses that allow companies to make proper reporting to securities regulators," he said.
"I think what is disappointing is that we, the citizens and taxpayers of Alberta, learn about these settlements not by way of announcements from the government of Alberta, but as they leak out on the websites of foreign coal mining companies."
Hundreds of P.E.I. parents can't find child-care spaces, especially for infants. The provincial government says expanding those spots remains a top priority — and it recognizes the concern.
An Alberta judge says a referendum proposal on Alberta separating from Canada goes against Charter and and Treaty rights, in a decision given less than 24 hours after the provincial government introduced legislation that would have ended the court proceeding.
The architect of Alberta's politician recall legislation says it was never meant to be used as a political weapon, but as an "ultimate tool of accountability" if a politician engages in illegal or unethical behaviour.
The Government of Saskatchewan has introduced its long-promised involuntary treatment legislation on the final day of the fall sitting.
The Law Society of Ontario has suspended the licence of Deepak Paradkar, one of seven Canadians arrested in connection with alleged drug lord Ryan Wedding’s cocaine smuggling ring.
London Health Sciences Centre (LHSC) is getting rid of unlimited mental health benefits for staff, blaming ballooning costs and former administrators for implementing it without proper due diligence or oversight.
Netflix has agreed to buy Warner Bros. Discovery's TV and film studios and streaming division for $72 billion US, a deal that would hand control of one of Hollywood's most prized and oldest assets to the streaming pioneer that has upended the media industry.
CBC Calgary kicks off its annual Make the Season Kind campaign this morning at Fratello Coffee Roasters.
CBC Newfoundland and Labrador is kicking off its annual holiday campaign, helping to raise money to support local food banks.
If all goes according to plan, at 6 a.m. AT on Saturday people working at the IWK Health Centre will become the test case for a generational change to Nova Scotia’s health-care system.
One month after Prime Minister Mark Carney announced what he called "generational" military spending, New Brunswick’s defence ecosystem is on high alert.
Miranda Mirlycourtois, 34, looks directly at the camera and makes a confession.
Saskatoon city hall says police spending is projected to be $2.6 million over budget this year. That pushes the city into a $1.2-million deficit position, according to a report that will be considered by city council next week.