The Alberta government is facing a more than $3.4-billion lawsuit over its decision to end all new coal-related exploration on the eastern slopes of the Rocky Mountains. Calgary-based Cabin Ridge Project Ltd. and its parent company, Cabin Ridge Holdings Ltd., say the decision in March amounted to an effective expropriation of “their freehold mineral rights and coal leases.”
“Cabin Ridge and CRHL acquired the Cabin Ridge Property and additional property interests (including a pipeline and right of way leading to a railway) … for the purpose of developing one of the world’s leading metallurgical (steel-making) coal projects,” a statement of claim filed in Calgary Court of Queen’s Bench says.
“The Cabin Ridge Project would have created around 500 jobs, provided $2 billion or more in taxes and other revenues for the provincial and federal governments, and generated approximately $9 billion in pre-tax profits.”
The court document says Cabin Ridge has paid about $56 million to acquire, invest in and take steps to explore and develop the property, which is designated as Category 2 under a 1976 provincial coal policy.
For the rest of this article: https://calgaryherald.com/news/local-news/company-launches-3-4-billion-lawsuit-against-province-over-coal-mining-ban