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Natural Resources Minister Joe Oliver repeated the government's commitment Monday to speed up the regulatory review for major industrial projects in Canada. (Canadian Press)

If you're an industrial giant with plans to invest in Canada, the federal government has a mantra you may want to learn: "One project, one review."

The federal government plans to introduce legislation and possibly regulation they say will streamline the regulatory process for major industrial projects, Natural Resources Minister Joe Oliver told a mining industry audience in Toronto Monday.

The goal of the legislation will be to eliminate overlap between the provincial and federal governments, Oliver said.

"Our goal is to deliver more predictable and timely reviews and reduce regulatory burden while improving environmental protection and supporting meaningful aboriginal consultation," Oliver said in a speech to the annual convention of the Prospectors and Developers Association of Canada.

He added that he thought the federal government should only get involved with big projects.

Oliver has been complaining about the length of time it takes for some resource companies to get approval for their projects. His first mention of it was in December last year when he announced the approval of Total's Joslyn North oilsands mine, six years after the process began.

Oliver said the government has widespread support for its plan.

"A modernized regulatory system will stimulate jobs and growth in a socially and environmentally responsible manner," he said.

Oliver didn't say when the government would introduce the legislation or how long he thought the regulatory process should eventually take.