It's a rare opportunity to do something positive from an environmental point of view and do it economically”
Alberta-based company, Titanium Corp, is close to starting a pilot project at an oilsands site north of Fort McMurray.
The company said if approved, would help reduce carbon footprints.
Titanium Corp is working to deploy their ‘Creating Value from Waste’ technology at Canadian Natural Resources Limited’s Horizon site, and would recover around 2.5 million barrels of bitumen, solvent, and minerals annually which would normally go into tailings ponds. It would also reduce methane and carbon emissions by up to 500,000 tonnes per year.
As of November 25, the company has received $50 million for the project, mostly from the federal government.
If Titanium gets the green light to proceed, it would put $650 million back into the provincial economy, while creating around 3,000 construction jobs and 500 permanent jobs.