Suncor Energy Inc. has signed a memorandum of understanding (MoU) with Fort McKay First Nation (FMFN) regarding a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo.
Under the MoU, Suncor aims to progress early stage technical and commercial feasibility assessments to determine the quality and quantity of economically recoverable mineable ore on Lease 174C, which is FMFN Reserve Land, according to a joint news release Thursday.
“We are honored to be working with Fort McKay First Nation. Through this partnership, Fort McKay First Nation has the opportunity to govern oil sands activity on their land and fully participate and benefit from responsible resource development”, Suncor Executive Vice President for Oil Sands Peter Zebedee said. “This potential opportunity, which has synergies with Suncor’s existing operations, could provide Suncor with bitumen supply optionality post 2040”.
“With this agreement, we are creating the conditions for sustainable prosperity, growth and health for our Nation for generations to come, while leading the way on protecting our land and water”, FMFN Chief Raymond Powder said. “We will bring our values of stewardship and care to this opportunity. In doing so, we are charting a new path for economic development on our lands”.
“Our people of Fort McKay First Nation have diligently worked hard for years as a collaborative and reliable partner. This has resulted in building the Nation for opportunities while securing future growth in our community. This is the true meaning of reconciliation. It puts in our hands the tools we need to bring prosperity and a sustainable future for our people”, Powder added.
According to the release, FMFN and Suncor are “committed to facilitating economic self-determination for Indigenous communities based on mutual trust and respect” and share the goal of “maximizing mutual prosperity while minimizing environmental impacts, including supporting Suncor’s commitment to achieving net-zero emissions from its operations by 2050”.
Fort McKay First Nation has more than 900 band members of Dene and Cree heritage residing on the reserve and abroad. The community is located 31 miles (50 kilometers) north of Fort McMurray along the shores of the Athabasca River.
In addition to the Fort McKay community, FMFN has Reserves 174A at Gardiner (Moose) Lake and 174B at Namur (Buffalo) Lake, approximately 40.4 miles (65 kilometers) northwest of Fort McKay. Moose Lake is the traditional home of what is now the Fort McKay First Nation people.
The Nation also manages a business portfolio of 18 entities. Business revenues are invested in infrastructure, programs, and services, and directly benefit both the community of Fort McKay and individual band members, according to the release.
FMFN in December 2023 announced a co-investment with ATB Private Equity to acquire a combined 51 percent interest in Apex Geoscience Ltd., a global geological consulting firm, which it called “a strategic move to enhance economic opportunities and strengthen FMFN’s presence in the geoscience sector”.
FMFN and ATB PE each acquired a 25.5 percent stake in Apex Geoscience for a joint 51 percent majority ownership of the company.
“This partnership is a significant step for Fort McKay First Nation as we continue to actively diversify our economic ventures. Teaming up with ATB Private Equity to acquire a majority stake in Apex Geoscience Ltd positions us for sustainable growth and opportunities in the geoscience sector”, FMFN Councilor Bobby Shott said.
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