world coal prices

In 1984, world coal prices were dropping and the Japanese consortium requested a reduction in the price of coal from the Tumbler Ridge mines. As price reduction requests continued, the concern over the viability of the mines led the BC Assessment Authority to lower the 1987 property assessments for the Quintette mine from CAD$156 million to $89 million and the Bullmoose mine $70 million to $43 million.[9] This lowered their taxes as they tried to enforce the purchasing agreement at the Supreme Court of Canada. Their 1990 ruling required the Quintette Operations Company to reduce coal prices and reimburse the Japanese consortium $4.6 million. The company responded by reducing production, cutting employment, and applying for court protection from creditors. This allowed Teck to acquire 50% interest and take over management of the Quintette mine, but it was unable to stop further job losses.[10] As most residents left town, apartment blocks were closed and the mine companies bought back all but 11 houses in the town. After 30% of the workforce had been laid off, new contracts with the Japanese consortium were signed in 1997, allowing re-hirings to begin, but with lower export levels.[11] The North East Coal Development was projected to create a net benefit of CAD$0.9 billion (2000), but incurred a net loss of $2.8 billion and half the expected regional employment.[12]
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