Coal Company seeks more than $3.4B in damages from this country after Govt changes policy

Four months after the provincial government announced it was doing a U-turn on looming coal policy changes, a private coal company says it has started legal proceedings based on the impacts of that reversal.

Cabin Ridge Holdings Ltd. and Cabin Ridge Project Ltd. announced on June 30 that legal proceedings had commenced against the government. 

In a release, the companies argue that the province "substantially and unreasonably" interfered with the private company's development rights and deprived it of "any reasonable use" of its mineral rights.

"The Cabin Ridge companies have invested significantly to acquire their freehold mineral rights and project assets for the purpose of developing a world-class metallurgical [steelmaking] coal project," reads the release.

The statement of claim filed by the companies on June 27 says they are seeking damages in the amount of $3.441 billion due to "loss of net present value" of the property.

Alternatively, the claim says, the companies are seeking restitution in the amount of $56 million plus future and contingent remediation costs.

The allegations have not been tested in court.

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