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We gathered input from stakeholders and Indigenous communities and organizations to help inform our review of the Mine Financial Security Program and find long-term solutions for collecting funds from industry to cover oil sands and coal mine reclamation liabilities.
In 2020, worldwide pandemic lockdowns resulted in extremely low oil prices that skewed the calculation determining how much money oil sands companies would have been required to pay for reclamation security.
To protect Alberta jobs, we temporarily adjusted this calculation in May 2021 and committed to reviewing the Mine Financial Security Program. As part of this review, participants had opportunities to share feedback on:
- design changes to Mine Financial Security Program calculations
- the timing of Mine Financial Security Program security contributions during mine life
- improvements to Mine Financial Security Program asset and liability reporting that enables more effective monitoring of the program
Requirements for environmental oversight and protection were not included in the review.
Input received up to November 4, 2022.
Results under review
Who is listening
Ministry of Environment and Protected Areas
Key stakeholders were invited to participate in virtual discussions to help inform the Mine Financial Security Program Review.
Indigenous communities and organizations in areas where oil sands and coal mines exist, or may exist in the future, were invited to participate in virtual discussions to help inform the Mine Financial Security Program Review.
The following is a summary of the engagement sessions with stakeholders and Indigenous communities and organizations:
Feedback from stakeholders and Indigenous communities and organizations may inform policy changes to the Mine Financial Security Program as we continue to protect the environment and Albertan’s livelihoods.
Questions and comments regarding the review can be emailed to:
Last updated: November 10, 2022