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Atrum

atrumglobal.com

About Atrum

Atrum is a multi-strategy private investment firm with a focus on private deals.

Headquarters Location

London, England,

United Kingdom

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Latest Atrum News

Australian coal company files nearly $4B lawsuit over Alberta's ban on new exploration

Sep 21, 2022

Australian coal company files nearly $4B lawsuit over Alberta's ban on new exploration Back to video Atrum Coal Ltd. of Australia and its subsidiary, Elan Coal Ltd., have filed a $3.83-billion claim against the provincial government over its decision last March to impose an indefinite moratorium on coal exploration in the area north of Crowsnest Pass. Calgary Herald Headline News Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc. Email Address Sign Up By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Calgary Herald Headline News will soon be in your inbox. We encountered an issue signing you up. Please try again Article content The claim, filed in Calgary Court of King’s Bench, is at least the second multibillion-dollar lawsuit filed against the province this year over the decision to end coal mining in the Eastern Slopes. It says Elan acquired coal lease applications in 2012 or 2013, that were “for the purpose of developing a metallurgical (steel-making) coal project on three different sites in southwestern Alberta. “In total, the Elan Project has an estimated 486 million tonnes of metallurgical . . . coal and an approximate 34-year mine life,” the lawsuit says. Advertisement 3 Article content It says just one of the three proposed projects would create about 500 direct jobs, 650 indirect jobs and provide more than $2.38 billion in taxes and $450 million in royalties. Atrum acquired Elam in March 2018 at a time when Alberta’s existing policy on coal exploration and development “both allowed and encouraged coal exploration and development in the lands underlying the Elan Coal Leases.” The effect of Alberta’s actions has deprived the two companies of the value of the leases and caused Atrum’s share price to plunge from 30 cents Australian per share to one cent. Recommended from Editorial Article content The lawsuit also seeks an additional $300 million for losses to shareholders. “Notwithstanding Alberta’s immediate, indefinite and complete ban on coal exploration and development, Alberta has not compensated, nor offered compensation, Atrum or Elan.” The court document says Elam holds coal leases on about 223 square kilometres of Crown lands in southwestern Alberta approximately 40 kilometres north of Coleman. “The Elan Project is made up of three distinct project areas: Isolation South, Elan South and the Northern Tenements,” it says. “Isolation South has a mine life of about 19 years. Developing Elan South and the Northern Tenements would add at least another 15 years to the life of the Elan Project.” Calgary-based Cabin Ridge Project Ltd. and its parent company, Cabin Ridge Holdings Ltd., also filed a more than $3.4-billion claim about three months ago. A statement of defence disputing Atrum and Elan’s unproven claim has not been filed.

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Atrum Frequently Asked Questions (FAQ)

  • Where is Atrum's headquarters?

    Atrum's headquarters is located at London.

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