Altius Files Compensation Claim FOR Genesee Limited Partnership Coal
Date:
Ticker Symbol:
26-Nov 2018
ALS.TSX
Civic Address:
Altius Minerals Corporation
Suite 202, 66 Kenmount Road
St. John’s, NL, A1B 3V7, CANADA
Website: www.altiusminerals.com
Toll Free: 1.877.576.2209
Fax: 709.576.3441
e-mail: [email protected]
Mailing Address:
Altius Minerals Corporation
P.O. Box 8263 Stn “A”
St. John’s, NL, A1B 3N4, CANADA
ALTIUS FILES COMPENSATION CLAIM FOR GENESEE LIMITED PARTNERSHIP COAL
St. John’s – (TSX: ALS; OTCQX: ATUSF) Altius reports that the Genesee Limited Partnership (“Genesee LP”), of which Altius
is the General Partner, has filed suit against the governments of Alberta and Canada. The suit claims $190 million in
damages while describing actions that it feels were tantamount to expropriation of its royalty interest in the integrated
Genesee mine and power plant in Alberta. More particularly, the suit claims an unlawful taking of its property and undue
interference with its economic interests. A full copy of t he statement of claim is available on our website at
www.altiusminerals.com.
In 2014, Altius made a significant investment in the royalty from the coal that underpins the integrated Genesee mine and
power plant in Alberta, Canada. This investment decision relied upon policies and regulations enacted in 2012 that permitted
the Genesee power plant’s advanced clean bu rning technologies to continue to generate electricity from coal under a
decommissioning schedule that extended to 2055. Subsequent to Altius’s investment, both Alberta and Canada announced
policy and regulatory changes that will instead cause the Genesee power plant to discontinue all coal-fired electrical
generation, and the payment of underlying coal royalties, by 2030.
The damage claim amount of $190 million is the estimated future value of the portion of the royalty that has been taken as
a result of the policy change. The calculation of lost future value used similar parameters and financial model inputs as we
understand were used by the Province of Alberta in determining compensation of more than $733 million to the operator of
the Genesee power plant for its expected future losses related to the same policy and regulator y changes.
“Altius is a small Canadian company that relied upon a clearly defined policy and regulatory framework to make a major
investment. We then suffered grave damages when these governments changed their policy in a manner that essentially
expropriated our future royalty entitlements without compensation,” commented Altius CEO Brian Dalton. He added, “While
we fully respect the rights of both governments to change environmental and economic poli cy as they see fit, we believe
that it is also reasonable for us, or any other good faith investor in Alberta and Canada, to expect fair compensation in
accordance with the rule of law when it becomes the collateral victim of such policy change.”
About Altius
Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines. These
are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash and thermal (electrical) a nd
metallurgical coal. The portfolio also includes numerous pre ‐development stage royalties covering a wide spectrum of
mineral commodities and jurisdictions. In addition, Altius holds a large portfolio of exploration stage projects which it has
generated for deal making with industry partners that results in newly created royalties and equity and minority interests.
Altius has 42,955,726 shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member
of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
For further information, please contact Flora Wood at 1.877.576.2209 or [email protected].