Suncor Energy CEO Steve Williams rejected speculation today that there may be as much as a $1-billion overrun on the new Fort Hills mining project on the way while announcing the company’s third quarter results.

The 180,000 bbl/d project, which Williams noted is now in the “home stretch,” has a projected capital cost of $15 billion.

Market analysts have indicated that the price could rise significantly due to the combination of a lower than expected Canadian dollar, and the impact of the forest fires in the second quarter.

Williams says the majority of the risk around the project cost is now over, and he is not expecting any “blowout” as it moves towards completion near the end of 2017.

“Don’t underestimate how good it is that we’re at 70 percent complete, the international logistics around the manufacturing and transportation of the modules is wholly behind us, [and] all of the materials for the Fort Hills project are in Alberta,” he told the third quarter analyst call.

“Although we talk about 70 percent completion, in fact we’re probably nearer 72-73 percent as we speak. Almost half of the systems will be handed over to operations by the end of this year, in fact well in excess of the first 20, 25 of those systems are handed over now. Operators are in place and starting to run those facilities, so we’re getting towards the end.”

Williams continued that, “We were very clear that there were currency questions when we authorized that project. The exchange rate was near parity, so clearly there has been some exchange rate pressures. The wildfires caused us to shut down construction activity for a month and we’re mid-flight on executing the mitigation."

He says the project is still expected to come in at $15 billion.

”We’re still planning and I’m confident that we will deliver on $84,000 a flowing barrel,” Williams said.

“It’s not that there haven’t been pressures, it’s not that there’s nothing, but this is not a material overrun to Suncor on that project.”

Answering an analyst question about growth through debottlenecking projects, Williams said a number of exciting opportunities exist and more details will follow. But he added that the company is also working on “margin-type improvements,” including the application of new technology in the mine.

“We now have the industry’s first fleet of autonomous trucks operating seven days a week, 24 hours a day, in the base plant,” he said.

“I like those projects because they reduce our costs and they are things we can control ourselves.”

Suncor recently filled the position of director of autonomous haul systems, to focus on advancing "systems and processes to fully develop and prepare for implementation of the autonomous haul system technologies," according to the web posting.

The company had previously disclosed that a commercial-scale evaluation of autonomous hauling is underway following successful preliminary trials in 2013-14.

“This will continue until 2017 in a tightly controlled area of the existing mine,” Suncor said in its 2016 Report on Sustainability.

“As we progress, we will continue to evaluate the technology’s performance in our operating conditions and during all seasons to determine the potential commercial and environmental improvements. If we decide to proceed with the technology, progressive implementation may begin in 2017.”

Suncor's net earnings were $392 million ($0.24 per common share) in the third quarter of 2016, compared with a net loss of $376 million ($0.26 per common share) in the prior year quarter.