Massive New Mine Could Be Oil-Sands’ First Big Price War Victim
- Teck considers shutting Fort Hills operation to cut costs
- Partner Suncor has said mine was shutting a production line
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The last major oil-sands mine to start operating in northern Alberta could be Canada’s first big casualty of the Saudi-Russian price war and the Covid-19 pandemic.
Teck Resources Ltd., one of the partners in the Fort Hills project that formally opened in September 2018, is considering a full shutdown of the mine to cut costs after local prices hit record lows. Suncor Energy Inc., another partner in the venture, announced last week one of the mine’s two production lines would be closed to preserve cash.