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CASTLEGAR, B.C. - The Waneta Expansion hydroelectric project in the B.C. Interior near the U.S. border has been halted by the provincial government's Columbia Power Corp. and Columbia Basin Trust.
The project had been intended to create a second powerhouse adjacent to the existing Waneta Dam on the Pend d'Oreille River south of Trail, where Teck Resources (TSX:TCK.B) has a major zinc smelter and refinery.
B.C. bought the Waneta Expansion rights from Teck Resources in 1994 and later transferred them to Columbia Power Corp., a Crown corporation with a mandate to invest in clean and renewable power projects in conjunction with the trust.
Columbia said Wednesday the Waneta Expansion project won't be moving forward as it's currently configured but it's looking at other options.
In May, Waneta Expansion Power Corp. said it had identified Montreal-based SNC-Lavalin Inc. (TSX:SNC) as the preferred company to negotiate terms for the project's design and construction.
At the time, Waneta said construction on the expansion could begin as early as this fall.
In June, Teck announced it would sell a one-third interest in the Waneta Dam to BC Hydro, another provincial Crown corporation, for $825 million as the Vancouver-based mining company worked to reduce its heavy debtload.
The following month, Barry Chuddy resigned as president and chief executive of Columbia Power and replaced on an interim basis by Giulio Ambrosone and Victor Jmaeff , who had been his vice-presidents.
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