”The resource sector scored a big hit in Canada today as the Supreme Court struck down most of Bill C-69 which was the Federal Governments relatively new Environmental Assessment Law (2019). This may well be good for PMT and other Lithium miners and explorers.
The law, formerly known in Parliament as Bill C-69, was given royal assent in 2019 and laid out federal oversight powers when it comes to the environmental impact of energy and infrastructure projects.Five of seven Supreme Court judges ruled against most of the Impact Assessment Act on Friday, arguing the federal government does not have the jurisdiction to assess big projects on provincial land.The only portion of the law that was not affected by the judgment involves projects on federal land, which include federal funding or happen on international territory.News of the decision was well received by business leaders in Alberta, which is home to many natural resource projects affected by the law. “At the top level, we are thrilled with this decision and what it means for Canadian workers, their families, and, frankly, everyone who stands to benefit from Canada's responsibly produced natural resources,” Mike Martens, president of the Independent Contractors and Businesses Association (ICBA) Alberta, told BNNBloomberg.ca in a phone interview.ICBA Alberta served as an intervenor in the case.Martens said the law effectively doubled the amount of red tape a new project would need to surpass before getting approval, causing lengthy delays.“For a project to get approved, it would need to follow the provincial procedures, and then follow the federal procedures, essentially doubling the approval and that's what we, on the legal side, disagreed with,” he said.Martens said Albertans had felt a sense of sadness and inevitability about the law, but the court judgment came as a surprise and relief for the province.“Nobody expected this decision,” he said. “I think almost everybody expected it to go the other way. I think there's going to be a lot of joy, a lot of enthusiasm, a lot of optimism, that perhaps we can now signal that we're open for business.
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33.5¢ |
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Mkt cap ! $179.3M |
Open | High | Low | Value | Volume |
34.5¢ | 34.5¢ | 33.5¢ | $394.6K | 1.161M |
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No. | Vol. | Price($) |
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3 | 48880 | 33.5¢ |
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Price($) | Vol. | No. |
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34.5¢ | 21366 | 2 |
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No. | Vol. | Price($) |
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3 | 48880 | 0.335 |
9 | 153530 | 0.330 |
4 | 47660 | 0.325 |
2 | 55000 | 0.320 |
3 | 41873 | 0.315 |
Price($) | Vol. | No. |
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0.345 | 21366 | 2 |
0.350 | 19916 | 2 |
0.355 | 77840 | 4 |
0.360 | 105985 | 4 |
0.365 | 143509 | 5 |
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