Alberta reaches settlement with 2 coal companies over policy change
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.
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.
A spokesperson with Alberta's Ministry of Treasury Board and Finance didn't immediately respond to a request for comment. Peter Doyle, CEO of Evolve, declined to comment.
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