Altius Provides Update on Coal Litigation
Altius Minerals reports on the Alberta Court of Appeal's decision to dismiss its Statement of Claim against the governments of Alberta and Canada for the constructive taking of its Genesee mine royalty asset. The Court upheld the dismissal, stating the legal test was not met, impacting Altius's mineral royalty rights.
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Altius's claim against the governments was summarily dismissed by the Alberta Court of Appeal, impacting its mineral royalty rights to Genesee.
Altius's Genesee mine interest in land royalty asset was economically defeated by the governments' actions, leading to the dismissal of the claim.
The Court's decision not to compensate Altius contrasts with the payment made to the operator of the Genesee power plant.
04/05/2024 - 07:45 AM
ST. JOHN’S, Newfoundland and Labrador --(BUSINESS WIRE)--
Altius Minerals Corporation (ALS: TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) reports on a decision issued on April 4, 2024 by the Alberta Court of Appeal regarding the earlier dismissal of its Statement of Claim against the governments of Alberta and Canada for the constructive taking or de facto expropriation by regulation of its Genesee mine “interest in land” royalty asset.
In its decision, the Court of Appeal upheld the earlier decision to summarily dismiss Altius’s claim on the grounds that it did not believe that the legal test for constructive taking or de facto expropriation was met. Altius’s mineral royalty rights to Genesee were fully economically defeated by the governments’ actions. In contrast with Altius, compensation was previously paid to the operator of the Genesee power plant.
Given the impact of the Court’s decision, Altius, with the input of legal counsel, will take time to study and carefully assess the judgment and to determine if any further legal steps are warranted. Altius is disappointed with the conclusion and reasons of the Court, but respects the legal process, including the Court’s decision.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,539,326 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240405219479/en/
For further information:
Flora Wood
Email: Fwood@altiusminerals.com
Source: Altius Minerals Corporation
What was the decision issued by the Alberta Court of Appeal regarding Altius Minerals 's Statement of Claim?
The Alberta Court of Appeal dismissed Altius Minerals 's Statement of Claim against the governments of Alberta and Canada for the constructive taking of its Genesee mine royalty asset.
Why was Altius's claim dismissed by the Court of Appeal?
The Court of Appeal stated that it did not believe the legal test for constructive taking or de facto expropriation was met, leading to the dismissal of Altius's claim.
What impact did the Court's decision have on Altius's mineral royalty rights to Genesee?
Altius's mineral royalty rights to Genesee were fully economically defeated by the governments' actions, resulting in the dismissal of the claim.
How does Altius feel about the Court's decision?
Altius is disappointed with the conclusion and reasons of the Court but respects the legal process, including the Court's decision.
Will Altius take any further legal steps after the Court's decision?
Altius, with the input of legal counsel, will take time to study and carefully assess the judgment to determine if any further legal steps are warranted.
Was compensation previously paid to Altius for the Genesee mine interest in land royalty asset?
No, compensation was previously paid to the operator of the Genesee power plant, contrasting with the Court's decision not to compensate Altius.
