Alberta Energy Regulator approves Northback request to explore for coal at Grassy Mountain
The Alberta Energy Regulator has approved Northback Holdings' request to explore for coal at Grassy Mountain along the eastern slopes of the Rocky Mountains.
Article content
Article content
Australia-based Northback had applied to the AER for a coal exploration program, along with deep drilling permit and temporary diversion licence, at Grassy Mountain, and on Thursday afternoon made public its decision to approve the three applications, with conditions.
Article content
Article content
In its decision, the AER concluded that the applications meet all regulatory requirements and that the exploration program is in the public interest. The program will have 'positive social and economic impacts,' it said.
Article content
Article content
'The Exploration Program, in addition to refining Northback's understanding of the Grassy Mountain coal deposit, will provide the Piikani and Stoney Nakoda First Nations and Albertans with additional information about the Grassy Mountain coal deposit,' said the AER in Thursday's decision.
Article content
'The Exploration Program will contribute to the ongoing evaluation of this coal resource and, based on our assessment, will do so in an orderly, efficient, and environmentally responsible manner.'
The AER's decision follows public hearings on the application in Pincher Creek in December and Calgary in January, when the AER heard from those wanting the jobs and other economic benefits of a mine and those concerned about its environmental impacts.
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Global News
2 hours ago
- Global News
B.C. billionaire's plan to take over Bay leases facing legal battle
A group of Hudson's Bay's landlords don't want to transfer more than two dozen leases to British Columbia billionaire Ruby Liu, but the department store still has a chance to get its way. The Bay, which filed for creditor protection in March, ran a process over the last several months to find buyers for leases belonging to it and Saks Canada. It agreed to sell up to 28 spaces to Liu. Three leases were transferred to her without any hiccups because they're in B.C. malls she owns, but another 25 are at properties held by a who's who of Canadian commercial real estate firms. 2:00 What will Montreal do with the vacant Hudson's Bay building? Landlords for 23 of those sites oppose the transfer. Several have said in court they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' Liu insists if the court hands her the leases, landlords will warm to her and her plan to open a new department store in their properties. Story continues below advertisement While the disagreement could serve as a roadblock to the Bay closing on its agreement with Liu, lawyers not involved in the case say the retailer has another route it can take to get a deal done. That route lies in changes to the Companies' Creditors Arrangement Act — Canada's main insolvency law — made in 2009, said Jeff Lee, a Saskatoon-based partner at MLT Aikins LLP. The changes laid out three criteria courts must consider when asked to assign leases to a new tenant. The first is whether or not the sale has the support of the monitor, a court-appointed, independent third party which helps guide businesses through creditor protection. In the Bay's case, the monitor is Alvarez & Marsal. It has yet to reveal whether it supports the Liu deal and did not respond to requests for comment. 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 'Before any court application is brought forward, typically the company will test that out with them,' Lee said. 'They're not going to just sort of fly in blind and hope for the best.' The second aspect for the court to mull is whether the proposed new tenant is suitable. Lee said that's determined by looking at whether they can perform the duties of the tenant and pay rent. Liu, who made her money in Chinese real estate, appears to have deep pockets, but her experience comes from being a landlord rather than a tenant. Story continues below advertisement 1:47 Nostalgic Vancouver shoppers flock to 'The Bay' on its final day The final aspect the court will consider is whether a transfer of a lease to Liu is 'appropriate.' Lee said people should think of it as asking this question: 'Is what's proposed for this post-assignment lease relationship what people signed up for, or are they seeking to rewrite the lease or change the playing field so radically that it's not appropriate?' That's where much of the tension could lie in the Bay case. 'You can't go into CCAA as a tenant and then force your landlords to renegotiate their leases as a result,' said Peter Tolensky, a Vancouver-based partner at Lawson Lundell LLP. The Canadian Press obtained a document last week that Liu's lawyer sent landlords outlining her plans. It says she will take on the leases on an 'as is, where is' basis but doesn't mention the dining, entertainment, children's and fitness experiences she's told media she'd like to include in her department stores. Story continues below advertisement It's unclear whether the leases allow for uses other than a Bay-like department store. A court faced with a request to reassign leases will weigh this context and think about whether 'the landlord's world is being turned upside down by having this new tenant,' said Geoffrey Dabbs, a B.C.-based founding partner at Gehlen Dabbs Cash. 'The more it's a minor inconvenience for the landlord, the more likely the judge will order it,' he said. While the Bay hasn't said whether it will seek an assignment, it's likely because any company in creditor protection has a duty to show the court it's doing its best to pay back companies and people it owes money to, Dabbs said. The Bay has a 26-page list of creditors, with some lenders owed more than $100 million each. 2:08 Hudson's Bay last day Liquidation sales and a deal to sell the Bay trademarks to Canadian Tire for $30 million have put a dent in what's owed but selling leases to Liu would also help. Story continues below advertisement Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. When a deal like this is reached, Dabbs said a company typically seeks landlord consent because commercial leases tend to have provisions stopping anyone from transferring a lease without a property owner agreeing. It's not uncommon for landlords to object because any leases that can't be sold and aren't assigned get turned back over to property owners who can choose how to fill them and under what terms. 'Remember, these are anchor leases, so they're probably very favourable to the Bay or to the tenant in a lot of respects,' said Tolensky, alluding to the fact that anchor tenants are often given attractive rents or terms. Thus, it's more advantageous for landlords to get their properties back, said Monica Beffa, founder of an Oakville, Ont., law firm. If they do, they can then charge higher rents, develop them for entirely new uses such as residential units or break them up into smaller parcels that can be rented by a wide array of tenants. If they don't and a court assigns the leases to Liu, landlords will likely be watching her closely to ensure she doesn't violate any terms of the agreement. Story continues below advertisement 'The landlord may be cranky, if the tenant breaches, but put it this way, they don't want to rely on that,' Dabbs said. 'If they don't want this lease being assigned, they will fight it right up front.'
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Hudson's Bay landlords don't want Liu to move in, but retailer still has a shot
TORONTO – A group of Hudson's Bay's landlords don't want to transfer more than two dozen leases to British Columbia billionaire Ruby Liu, but the department store still has a chance to get its way. The Bay, which filed for creditor protection in March, ran a process over the last several months to find buyers for leases belonging to it and Saks Canada. It agreed to sell up to 28 spaces to Liu. Three leases were transferred to her without any hiccups because they're in B.C. malls she owns, but another 25 are at properties held by a who's who of Canadian commercial real estate firms. Landlords for 23 of those sites oppose the transfer. Several have said in court they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' Liu insists if the court hands her the leases, landlords will warm to her and her plan to open a new department store in their properties. While the disagreement could serve as a roadblock to the Bay closing on its agreement with Liu, lawyers not involved in the case say the retailer has another route it can take to get a deal done. That route lies in changes to the Companies' Creditors Arrangement Act — Canada's main insolvency law — made in 2009, said Jeff Lee, a Saskatoon-based partner at MLT Aikins LLP. The changes laid out three criteria courts must consider when asked to assign leases to a new tenant. The first is whether or not the sale has the support of the monitor, a court-appointed, independent third party which helps guide businesses through creditor protection. In the Bay's case, the monitor is Alvarez & Marsal. It has yet to reveal whether it supports the Liu deal and did not respond to requests for comment. 'Before any court application is brought forward, typically the company will test that out with them,' Lee said. 'They're not going to just sort of fly in blind and hope for the best.' The second aspect for the court to mull is whether the proposed new tenant is suitable. Lee said that's determined by looking at whether they can perform the duties of the tenant and pay rent. Liu, who made her money in Chinese real estate, appears to have deep pockets but her experience comes from being a landlord rather than a tenant. The final aspect the court will consider is whether a transfer of a lease to Liu is 'appropriate.' Lee said people should think of it as asking this question: 'Is what's proposed for this post-assignment lease relationship what people signed up for, or are they seeking to rewrite the lease or change the playing field so radically that it's not appropriate?' That's where much of the tension could lie in the Bay case. 'You can't go into CCAA as a tenant and then force your landlords to renegotiate their leases as a result,' said Peter Tolensky, a Vancouver-based partner at Lawson Lundell LLP. The Canadian Press obtained a document last week that Liu's lawyer sent landlords outlining her plans. It says she will take on the leases on an 'as is, where is' basis but doesn't mention the dining, entertainment, children's and fitness experiences she's told media she'd like to include in her department stores. It's unclear whether the leases allow for uses other than a Bay-like department store. A court faced with a request to reassign leases will weigh this context and think about whether 'the landlord's world is being turned upside down by having this new tenant,' said Geoffrey Dabbs, a B.C.-based founding partner at Gehlen Dabbs Cash. 'The more it's a minor inconvenience for the landlord, the more likely the judge will order it,' he said. While the Bay hasn't said whether it will seek an assignment, it's likely because any company in creditor protection has a duty to show the court it's doing its best to pay back companies and people it owes money to, Dabbs said. The Bay has a 26-page list of creditors, with some lenders owed more than $100 million each. Liquidation sales and a deal to sell the Bay trademarks to Canadian Tire for $30 million have put a dent in what's owed but selling leases to Liu would also help. Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. When a deal like this is reached, Dabbs said a company typically seeks landlord consent because commercial leases tend to have provisions stopping anyone from transferring a lease without a property owner agreeing. It's not uncommon for landlords to object because any leases that can't be sold and aren't assigned get turned back over to property owners who can choose how to fill them and under what terms. 'Remember, these are anchor leases, so they're probably very favourable to the Bay or to the tenant in a lot of respects,' said Tolensky, alluding to the fact that anchor tenants are often given attractive rents or terms. Monday Mornings The latest local business news and a lookahead to the coming week. Thus, it's more advantageous for landlords to get their properties back, said Monica Beffa, founder of an Oakville, Ont., law firm. If they do, they can then charge higher rents, develop them for entirely new uses such as residential units or break them up into smaller parcels that can be rented by a wide array of tenants. If they don't and a court assigns the leases to Liu, landlords will likely be watching her closely to ensure she doesn't violate any terms of the agreement. 'The landlord may be cranky, if the tenant breaches, but put it this way, they don't want to rely on that,' Dabbs said. 'If they don't want this lease being assigned, they will fight it right up front.' This report by The Canadian Press was first published June 28, 2025.
Calgary Herald
9 hours ago
- Calgary Herald
Varcoe: Parkland's ‘incredible journey' from single gas station to $12.6B takeover
After welcoming investors and staff to the final annual meeting of Parkland Corp. this week, CEO Bob Espey reflected briefly on the company's Alberta roots, shortly after investors approved a takeover offer from a Texas-based energy giant. Article content On Tuesday, more than 93 per cent of shareholders of the Calgary-based company endorsed the $12.6-billion bid from U.S.-based Sunoco LP, an offer initially unveiled in May. Article content Article content Article content Once final regulatory approvals are in hand, the takeover will mark the end of an 'incredible journey' — in Espey's words — of a five-decade-plus run by the Canadian-operated business. Article content Article content A half-century of growth saw Parkland evolve from a small beef company based in Red Deer to a massive fuel distributor, marketer, and convenience retailer with assets in Canada, the United States and more than 20 countries. Article content Today, Parkland owns a chain of gas stations operating under the banners of Esso, Ultramar, Pioneer, Chevron, and Fas Gas Plus, and its On the Run convenience stores. Article content It has more than 4,000 retail gas and store locations and 5,500 employees, including 2,800 in Canada. More than 700 work in Calgary, where its head office is located in the downtown. Article content 'Our story began over 50 years ago when Jack and Joan Donald purchased a large position in the newly public company, Parkland Beef Industries, a cattle feedlot. Jack's entrepreneurial spirit was evident from the start when he diversified into fuel distribution,' Espey told the audience. Article content Article content 'He saw the potential of capital markets to fund growth through acquisition, a vision that still inspires us today.' Article content That vision spurred remarkable expansion, from a small junior stock listed on the Alberta Stock Exchange to Parkland becoming an income trust in 2002, converting back into a corporation several years later, and scaling up into a multibillion-dollar company on the Toronto Stock Exchange. Article content However, the acquisition strategy also helped sow the seeds of investor discontent in recent years, the prospect of a proxy battle and Parkland's eventual sale. Article content 'In my mind, it's a bit of a shame that this is no longer going to be a Canadian company because I thought it still had tremendous potential growth into the future,' former Parkland chair Jim Pantelidis, who served on the board from 1999 until mid-2023, said in an interview.
