Total's Joslyn oil sands mine approved
NATHAN VANDERKLIPPE
Calgary— Globe and Mail Update
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A review panel has conditionally approved Alberta's nineth oil sands mine, giving its blessing to an application from French energy giant Total SA.
The federal-provincial panel ruled in favour of the company’s controversial bid to build the Joslyn North mine, about 70 kilometres north of Fort McMurray. Total expects to begin operating the $7-billion to $9-billion mine in 2017, and is planning to produce 100,000 barrels per day.
Joslyn will add to a fast-growing oil sands industry that already produces 1.9 million barrels per day. According to data gathered by Strategy West Inc., Fort McMurray-area mines produce 1.1 million barrels today; mines with another 940,000 have also been approved, not including Joslyn.
In total, Alberta has given the thumbs-up to 2.2 million barrels in projects that have yet to pump oil. Companies have proposed a total of 8.2 billion barrels.
Suncor Energy Inc.(SU-T40.041.493.87%) is a part-owner in the Joslyn project, which Total purchased in 2005 when it paid $1.7-billion to buy junior Deer Creek Energy.
The approval increases the area in Alberta that can be mined by 7 per cent, and places 20 conditions on the company, and 16 on the provincial government and its energy regulator, the Energy Resources Conservation Board.
Those conditions mirror standing laws that require speedier reclamation of toxic mine waste and protection of species at risk and valued wildlife.
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