The Globe and Mail - 22.02.2020

Interest rates shown are subject to change at any time. Interest on GICs is calculated annually or compounded annually and paid at maturity, the minimumdepositis$1,000,onlyredeemableatmaturity.

Canada Deposit Insurance Corporation (CDIC) coverage is up to applicablelimits. Home Bank is a wholly owned subsidiary of Home Trust Company. Home Bank and Home Trust Company are separate

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COMPANIES

SATURDAY,FEBRUARY22,2020 | GLOBEANDMAIL.COM

MARKETS

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A

s the rail blockades arising from the Coastal

GasLink protests drag on, there’s no doubt

that they will have an impact on the econo-

my. Economists spent this week whittling

down their first-quarter growth forecasts, citing se-

vere snarls in supply shipments have hampered

business activity and exports. But the economy will

bounce back once the blockades are inevitably

cleared, and this will appear as only a minor blip in

the economic record.

What will linger is the lasting image, both within

Canada and without, that we are a country that, five

years after the collapse of its oil market, is wrestling

harder than ever with how to transition to an econ-

omy more driven by its knowledge than its geog-

raphy.

The economy is still struggling to establish a clear

path amid the decline of oil and the rise of the cli-

mate debate. Oil and gas will be a source of jobs and

activity for many years to come, but there’s a large

hole to fill in investment in the next phase of

growth, and filling it will be an ongoing challenge of

the new decade.

PARKINSON,B17

Protestsexposepotholes

onCanada’sroadto

economictransition

DAVIDPARKINSONECONOMICSREPORTER

Teck Resources Ltd.says it will have to take a $1.1- ANALYSIS

billion writedown on the Frontier heavy oil-mine

proposal if the federalgovernment doesn’t approve

it, as the company considers a full-scale exit from

the Canadian oil patch.

Teck on Friday also took a separate $900-million

dollar writedown on its existing Fort Hills heavy oil

mine because of lower expectations for the price of

crude oil. The Liberals are expected to make a deci-

sion by the end of the month on whether Vancouver-

based Teck is allowed to proceed with the northern

Alberta Frontier project, which is undeveloped.

Teck hasn’t proven whether Frontier, which it said

in 2014 would cost $20.6-billion to construct, would

be commercially viable. Such a case would be laid

out in a bankable feasibility study, which the compa-

ny has not yet conducted. Amid widespread weak-

ness across its core metallurgical coal business,

Teck’s CEO, Don Lindsay, said on Friday in a confer-

ence call with analysts that in a couple of years if Fort

Hills is not performing, it will consider selling both

its stake in Fort Hills, as well as the Frontier project.

TECK,B17

Teckwarnsitwould

take$1.1-billionhitif

OttawarejectsFrontier

NIALLMcGEEMININGREPORTER

REALESTATE

FormerCresford

presidentalleges

‘cashcrisis’at

condofirm

B3

ERICREGULY

Peakcoalisaround

thecornerandthe

smartmoneyis

gettingout

B4

GLOBEINVESTOR

RobCarrickdigs

intothedatato

identifythebest

U.S.equityETFs

B12

COVERSTORY

Into the great

unknown

NowthatBombardierhassold

itsraildivision,ithasjustone

productline–luxuryjets.

Butdoestheworldhave

enoughbillionairesto

keepthecompanyaloft?

NicolasVanPraetand

SeanSilcoffreport

B6

ILLUSTRATIONBYTHEGLOBEANDMAIL

AdamRadwanskiTrudeaucoulddelayTeckdecision,butthat

wouldbeamistake B4