Canada’s fourth open-pit oilsands mine given final go-ahead approval

CALGARY (CP) – Canada’s fourth open-pit oilsands mine and upgrading refinery took a decisive step forward Thursday as Canadian Natural Resources Ltd. approved the $10.8 billion Horizon oilsands development in northern Alberta.

While calling the decision a “major milestone” for the company, Calgary-based Canadian Natural has been preparing itself for years to build the Horizon project in three phases over the next seven years without any partners.
The company told analysts Thursday it has done its homework, reduced the risks of potentially huge cost overruns and believes now is the right time to proceed with the project which is expected to bring the company “a wall of cash flow” for decades to come.

“Once you start a project of this size and complexity, you cannot stop mid-stream,” said president John Langille.

Canoe Money: Sectors