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Time of India
2 days ago
- Business
- 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.
Yahoo
2 days ago
- Business
- Yahoo
Alberta reaches settlement with 2 coal companies over policy change
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. 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. More to come
CTV News
2 days ago
- Business
- CTV News
Alberta reaches settlement with two coal companies suing over policy flip-flop
Valory Resources Black Eagle Mining Corporation site near the Clearwater River, west of Rocky Mountain House, Alta., Tuesday, June 1, 2021. Valory Resources is one of the companies suing Alberta over its coal policy reversal in 2022. THE CANADIAN PRESS/Amber Bracken EDMONTON — Two coal companies suing Alberta's government over its mining policy flip-flop say they've reached a settlement agreement with the province. Notices published online by Evolve Power and Atrum Coal say the details are confidential and no dollar figures are disclosed. Atrum says its agreement is definitive but Evolve says the terms of its own settlement are still being finalized. The companies are among five that are suing Alberta for a collective $16 billion. The companies argue that Alberta effectively expropriated their land after it suddenly reinstated its long-standing coal policy in 2022 less than two years after it was lifted and companies had been encouraged at that time to buy land for potential mining projects. Alberta lifted the coal policy again earlier this year in favour of a new rule system, but Evolve said at the time that it would have no effect on its lawsuit. This report by The Canadian Press was first published July 3, 2025. Jack Farrell, The Canadian Press
CBC
2 days ago
- Business
- CBC
Alberta reaches settlement with 2 coal companies over policy change
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. 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.
Global News
2 days ago
- Business
- Global News
Alberta reaches settlement with two coal companies suing over policy flip-flop
Two coal companies suing Alberta's government over its mining policy flip-flop say they've reached a settlement agreement with the province. Notices published online by Evolve Power and Atrum Coal say the details are confidential and no dollar figures are disclosed. View image in full screen Valory Resources Black Eagle Mining Corporation site near the Clearwater River, west of Rocky Mountain House, Alta. Valory Resources is one of the companies that launched a lawsuit against the Alberta government over its coal policy reversal in 2022. THE CANADIAN PRESS/Amber Bracken Atrum says its agreement is definitive but Evolve says the terms of its own settlement are still being finalized. Story continues below advertisement 3:42 Mining companies knew about coal policy removal long before Albertans The companies are among five that are suing Alberta for a collective $16 billion. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The companies argue that Alberta effectively expropriated their land after it suddenly reinstated its long-standing coal policy in 2022 less than two years after it was lifted and companies had been encouraged at that time to buy land for potential mining projects. Alberta lifted the coal policy again earlier this year in favour of a new rule system, but Evolve said at the time that it would have no effect on its lawsuit.
