It follows a $3.4B lawsuit filed early this year over the same policy reversal
An Australian coal company is alleging that Alberta is liable for billions after reversing course on policy tied to coal development in the province.
As first reported by the Calgary Herald, Atrum Coal Ltd., along with its subsidiary, Elan Coal Ltd., says it is seeking $3.53 billion, tied to the value of its Elan Project. It is also seeking an additional $300 million for losses to shareholders.
It claims recent actions surrounding Alberta’s 1976 coal policy forced Atrum’s share price to plummet and deprived the companies of the value of ongoing coal projects. The companies filed the claim in Calgary Court of King’s Bench on Sept. 14.
In May 2020, the Alberta government rescinded the 1976 policy, which limited coal development in the eastern slopes. After considerable pushback and a barrage of criticism and legal challenges, the province reversed course, barring exploration and development for the time being.
For the rest of this article: https://www.cbc.ca/news/canada/calgary/atrum-coal-alberta-government-damages-sonya-savage-1.6593054