- Montem Resources’ (MR1) Tent Mountain re-start project is delayed after the Canadian Government calls for a Federal Impact Assessment
- The coal mine will now undergo a five-stage process that includes input from a range of government, public and indigenous groups
- It is unknown how much of a delay it will bring to the restart of the project, which was scheduled to produce the first coal in 2023
- On market close for the day, Montem is in the grey and trading at 3 cents per share
Re-start at Montem Resources’ (MR1) Tent Mountain project has been delayed while the project undergoes a Federal Impact Assessment.
The assessment has been ordered from the Canadian Government under the Impact Assessment Act.
Tent Mountain is a coal mine that is located in the Crowsnest Pass, and straddles both sides of the southwest Alberta and southeast British Columbia border.
The mine will now undergo a five-stage process that includes input from a range of government, public and indigenous groups.
Montem expects the assessment to be a timely and effective process and is likely to delay permitting for the project, which is scheduled to produce first coal in 2023.
It is unknown how much of a delay the assessment will cause to the project.
Notably, Environment Canada has previously visited the site twice and confirmed that it did not meet threshold limits that would trigger a Federal Impact Assessment.
“We note Minister Wilkinson’s decision to designate the Tent Mountain Mine Re-start Project to undergo a Federal Impact Assessment. This means we now have clarity on the regulatory pathway required to re-start the mine, although this will likely result in a delay to the planned start date of 2023,” CEO Peter Doyle said.
“Throughout 2020 and 2021 we have been preparing the Environmental Impact Assessment (EIA) and are on course to lodge the EIA with the provincial regulator later this year. We remain confident we are designing and presenting a project at Tent Mountain that minimizes the impact on local environment.”
On market close for the day, Montem is in the grey and trading at 3 cents per share.