Teck Resources (NYSE:TECK) is pulling its application for the proposed Frontier oil sands mine in Alberta, the Globe and Mail reports.

The company decided to pull the project following a board meeting and has called First Nations leaders to tell them it was not the right time to move forward, according to the report.

Prime Minister Trudeau’s cabinet was expected to decide this week on whether to approve the controversial project.

On Friday, Teck warned it would have to take a C$1.1B charge on the mine if the federal government rejected its application.

Update: Teck issues a statement confirming its withdrawal of the Frontier project from the regulatory review process.


READ  This is Moneyball speaks to boxers Jordan Reynolds and Amir Khan


Please enter your comment!
Please enter your name here