Alberta secretly settles billion-dollar lawsuits as coal giants cash out over government betrayal
Evolve Power and Atrum Coal are among companies that sued Alberta after investing millions in coal exploration before a sudden government policy reversal
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A crisis born of policy whiplash
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Two major coal companies that sued the Alberta government for billions after a sudden shift in mining policy have quietly reached confidential settlements, bringing a dramatic legal saga closer to an end, but raising fresh questions about trust and the future of coal in Canada's energy-rich province. Evolve Power Ltd. and Atrum Coal Ltd. announced this week they had struck separate deals with Alberta after accusing the province of effectively expropriating their assets. The companies were part of a broader group seeking up to $16 billion in damages for lost investments tied to canceled coal leases and halted exploration projects.While exact settlement amounts remain under wraps, Alberta's latest financial report shows government expenses shot $356 million over budget, mostly due to litigation settlements and oil-related costs.At the center of the dispute is Alberta's 2020 decision to lift a 44-year-old land protection policy that had restricted coal mining in the ecologically sensitive Rocky Mountain foothills. That move sparked public outrage, including from ranchers, Indigenous groups, and environmentalists, who feared for the future of Alberta's clean water and landscapes.Facing backlash, the government reversed course in 2021, reinstated protections, and later imposed an indefinite moratorium on coal exploration. The flip-flop left mining companies blindsided, especially those who had already poured millions into planning, equipment, and consultation.'They don't know what they're doing. There's no leadership,' said Evolve CEO Peter Doyle in a interview late last year. 'It's a terrible place to invest.' Doyle added that some of his firm's major investors in Australia had pulled out of Alberta entirely.The settlements are expected to be finalized and publicly updated later this year. Meanwhile, three other coal companies, Cabin Ridge, Black Eagle, and Northback Holdings, remain locked in litigation. Northback, which is trying to revive the controversial Grassy Mountain coal project, alleges that the regulatory process was 'flawed' and marred by bad-faith conduct from provincial officials.Alberta's energy regulator approved new exploration permits for Northback's reworked mine plans, igniting further controversy.The full financial fallout may take months to emerge. But for many watching from small towns, investment offices, and ranches, the damage to public trust is already done.
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Time of India
a day ago
- Time of India
Alberta secretly settles billion-dollar lawsuits as coal giants cash out over government betrayal
Two coal firms, Evolve Power and Atrum Coal, settled with Alberta over mining policy changes. They sued after the province reversed course on coal mining restrictions. Other companies like Cabin Ridge, Black Eagle, and Northback Holdings are still in court. Northback is trying to revive the Grassy Mountain project. The settlements raise questions about trust and coal's future in Alberta. Evolve Power and Atrum Coal are among companies that sued Alberta after investing millions in coal exploration before a sudden government policy reversal Tired of too many ads? Remove Ads A crisis born of policy whiplash Tired of too many ads? Remove Ads Two major coal companies that sued the Alberta government for billions after a sudden shift in mining policy have quietly reached confidential settlements, bringing a dramatic legal saga closer to an end, but raising fresh questions about trust and the future of coal in Canada's energy-rich province. Evolve Power Ltd. and Atrum Coal Ltd. announced this week they had struck separate deals with Alberta after accusing the province of effectively expropriating their assets. The companies were part of a broader group seeking up to $16 billion in damages for lost investments tied to canceled coal leases and halted exploration exact settlement amounts remain under wraps, Alberta's latest financial report shows government expenses shot $356 million over budget, mostly due to litigation settlements and oil-related the center of the dispute is Alberta's 2020 decision to lift a 44-year-old land protection policy that had restricted coal mining in the ecologically sensitive Rocky Mountain foothills. That move sparked public outrage, including from ranchers, Indigenous groups, and environmentalists, who feared for the future of Alberta's clean water and backlash, the government reversed course in 2021, reinstated protections, and later imposed an indefinite moratorium on coal exploration. The flip-flop left mining companies blindsided, especially those who had already poured millions into planning, equipment, and consultation.'They don't know what they're doing. There's no leadership,' said Evolve CEO Peter Doyle in a interview late last year. 'It's a terrible place to invest.' Doyle added that some of his firm's major investors in Australia had pulled out of Alberta settlements are expected to be finalized and publicly updated later this year. Meanwhile, three other coal companies, Cabin Ridge, Black Eagle, and Northback Holdings, remain locked in litigation. Northback, which is trying to revive the controversial Grassy Mountain coal project, alleges that the regulatory process was 'flawed' and marred by bad-faith conduct from provincial energy regulator approved new exploration permits for Northback's reworked mine plans, igniting further full financial fallout may take months to emerge. But for many watching from small towns, investment offices, and ranches, the damage to public trust is already done.
Economic Times
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Trump Mount Rushmore Proposal: Will President's face get added to monument? See if it is a possibility or not
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Time of India
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Trump Mount Rushmore Proposal: Will President's face get added to monument? See if it is a possibility or not
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