Tlicho Gov't increases ownership in Ventures West trucking company
Tlicho Investment Corp will own 90%, Denesoline Corp 10%, making Ventures West completely aboriginal-owned
The Tlicho Government is increasing its ownership of the Ventures West Transport trucking company in the N.W.T.
The government-owned Tlicho Investment Corporation will sign a deal Wednesday upping its ownership to 90 per cent from 60 per cent. Lutsel K'e's Denesoline Corporation owns the other 10 per cent of Ventures West. Wednesday's deal will make it a completely aboriginal-owned company.
The Tlicho Investment Corporation is buying its extra stake from Glenn Bauer, one of Ventures West's founders.
Ventures West has been a big earner for the Tlicho, generating half of the investment corporation's revenue. The company has hauled bulk fuel to all three of the territory's diamond mines via the Tibbitt to Contwoyto ice road.
But in 2014 the company lost a fuel supply contract with one of the mines, Diavik, causing the investment corporation's share of money from that contract to drop by $1.7 million from the previous year.
Since then, the company has won a contract to haul liquefied natural gas from Alberta and B.C. to Inuvik via the Dempster Highway.