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Mine Financial Security Program engagement

Stakeholders and Indigenous communities and organizations helped inform Alberta’s policy on collecting appropriate security for mine reclamation liabilities.

Overview

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 appropriate 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.

Timeline

  • Open

  • Results under review

  • Completed

Who is listening

Ministry of Environment and Protected Areas

Input received

From January 13 to October 21, 2022, Indigenous communities and organizations in areas where oil sands and coal mines exist, or may exist in the future, and key stakeholders were invited to participate in virtual and in-person sessions. These discussions helped to inform the Mine Financial Security Program review.

Outcomes

Feedback from stakeholders and Indigenous communities and organizations helped inform the updated Mine Financial Security Program Standard.

What's next

Alberta’s Auditor General will assess whether program changes achieve the intent of its 2015 audit report recommendations. We will work with the Alberta Energy Regulator to update the Mine Financial Security Program Guide with policy changes in time for the next annual submissions due June 30, 2025.

Contact

Questions and comments regarding the review can be emailed to:
[email protected]