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Nunatsiaq News – Nunavut Inuit org signs benefits bonanza with gold miner. Benefits agreement signing with Agnico Eagle brings $6.5 million cheque.

The Kivalliq Inuit Association can count on seeing millions of dollars and hundreds of jobs coming to Inuit in Nunavut’s Kivalliq region after Agnico Eagle Ltd.‘s latest gold mining project starts up late in 2019.

That bonanza started to flow June 15 when the KIA received a $6.5 million cheque in Baker Lake from Agnico Eagle when the mining company and the KIA signed an Inuit impact and benefit agreement for the Whale Tail project, which will be Agnico Eagle’s third gold mine in Nunavut. The project is located about 50 kilometres northwest of its Meadowbank gold mine near Baker Lake—Nunavut’s first gold mine, which started production in 2010 and is now reaching the end of its lifespan.

“We are proud to partner with KIA in our continued growth in Nunavut and in developing strong, sustainable communities in the Kivalliq Region. Only through combined partnership efforts will we achieve success and including our vision of seeing mines in Nunavut being operated and managed by Inuit,” said Ammar Al-Joundi, the president of Agnico Eagle in a June 15 news release from Agnico Eagle and the KIA.

The IIBA’s benefits include:

• $6.5 million payment to KIA, including $3 million towards a community fund, handed over June 15;

• resource royalties and fees paid to KIA and Nunavut Tunngavik Inc. from the Whale Tail, Meadowbank and Meliadine projects, with the Whale Tail project providing KIA with a 1.4 per cent net smelter return on production;

• $3.6 million invested in annual training programs with an additional $1 million investment in the event that 50 per cent target for Inuit employment is not reached; and,• preference points for NTI-registered companies to permit Inuit-owned businesses to compete more effectively with southern business.

…Full article: http://www.nunatsiaqonline.ca/stories/article/65674nunavut_inuit_org_signs_benefits_bonanza_with_agnico_eagle_gold_mine/

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