The Canadian government is announcing the approval of a massive oil sands mine owned by a subsidiary of French oil firm Total SA.
Natural Resources Minister Joe Oliver said Thursday the environmental assessment for the Joslyn North mine project proposed by Total SA subsidiary Total E&P has been approved. Oliver says the mine could mean as much as $9 billion in new capital investment.
The Joslyn project was first proposed six years ago and has gone through regulatory hurdles and faced opposition from environmental group. Oliver says the long lag shows the need for a more efficient regulatory system.
Oliver says the oil sands are expected to provide thousands of jobs over the next 25 years. Alberta has the third largest oil reserves in the world.
