NTI gets first mine royalty payment of $2.2M
Inuit land claims organization say money will go into a trust
The Inuit land claims organization in Nunavut got its first-ever royalty payment Tuesday of $2.2 million.
Nunavut Tunngavik Incorporated took in the money for allowing Agnico-Eagle’s Meadowbank gold mine on Inuit-owned land near Baker Lake, Nunavut.
The organization’s president Cathy Towtongie said this is the first big step.
"And if there is mining to be done on Inuit-owned lands, we benefit," she said.
Towtongie said Agnico-Eagle originally paid this money to the federal government. The federal government transferred the money to the organization after NTI insisted it belonged to Inuit.
The $2.2 million was transferred to NTI for 2010/2011 when the mine opened. NTI expects the 2011/2012 royalty payment within the next few months.
Towtongie said the money will go into a trust fund and will not be used by NTI or anyone else for the time being.
She said many Inuit want direct payments from the royalties, but said there will be no decision on that until there is $100 million in the bank.
"When it reaches $100 million, then it will be up to three quarters of the Inuit and NTI AGM to decide how this will be distributed," said Towtongie.