Page 77 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.71, # 1, 2014, pp. 53-79

[10] Environmental Tools: Qualifying Environmental Trusts. Alberta Environment and Sustainable

Resource Development http://environment. alberta.ca/documents/ Qualified_ Environmental_Trusts.pdf

7. Glossary of terms and acronyms

7.1.Terms

Approval Holder
An entity that has been granted an Approval for oil sands mining and processing under the

Environmental Protection and Enhancement Act (EPEA)
Director

The Director of the Alberta Environment and Sustainable Resource Development designated
under EPEA who issues approvals for mine or production facility.

Financial Security
A reclamation liability security provided by Approval Holders as cash or financial instrument.

Qualifying Environmental Trust
As per Income Tax Act (ITA) of Government of Canada 1985, section 28:

A” qualifying environmental trust” refers to a trust resident in a province and maintained at that
time for the sole purpose of funding the reclamation of a site in the province that had been used

primarily for, or for any combination of, the operation of a mine, or the deposit of waste, where
the maintenance of the trust is or may become required under the terms of a contract entered into

with Canada or the province. It does not include a trust that relates to the reclamation of a well.
Upgrader

An upgrader is a production facility that uses heat and pressure to change the extracted bitumen
into liquid hydrocarbons and saturates with hydrogen to produce synthetic crude oil. An upgrader

has by-products during processing.
7.2.Acronyms

ASFD Asset Safety Factor Deposit
BSD Base Security Deposit
CABREE Centre for Applied Research on Energy and the Environment
ITA Income Tax Act of Canada
ICMM International Council on Mining and Metals
LOC Letter of Credit
MFSP Mine Financial Security Program
OLD Operating Life Deposit
ORD Outstanding Reclamation Deposit

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