08:23 AM EDT, 04/05/2024 (MT Newswires) -- Altius Minerals ( ATUSF ) on Friday said it is disappointed the Alberta Court of Appeal upheld a lower court decision to dismiss its Statement of Claim against the governments of Alberta and Canada for the "for the constructive taking or de facto expropriation" of its Genessee coal mine in Alberta.

The company said "the Court of Appeal upheld the earlier decision to summarily dismiss Altius's claim on the grounds that "it did not believe that the legal test for constructive taking or de facto expropriation was met". However it added it believes its mineral royalty rights "were fully economically defeated" by the governments' decision to end coal-fired electricity production.

The Genessee coal mine supplied fuel to a nearby power plant, which received compensation for the decision to move away from coal-powered electricity, the company said. Altius was seeking C$190 million in its claim.

"Given the impact of the Court's decision, Altius, with the input of legal counsel, will take time to study and carefully assess the judgment and to determine if any further legal steps are warranted. Altius is disappointed with the conclusion and reasons of the Court, but respects the legal process, including the Court's decision," the company said.

Altius shares closed down C$0.47 to C$20.52 Thursday on the Toronto Stock Exchange.