Nunavut Tunngavik Inc. President Cathy Towtongie today congratulated Qikiqtani Inuit Association President Okalik Eegeesiak on signing the Inuit Impact and Benefits Agreement for the Mary River Iron Project. QIA negotiated the IIBA with Baffinland Iron Mines Inc. for a number of years to ensure the agreed upon benefits were of the best value for Inuit in the Qikiqtaaluk region and all of Nunavut.
Earlier this week, QIA presented the negotiated IIBA and commercial production lease with Baffinland Iron Mines Inc. to their Board members for review and approval.
“During the last ten years, this project expended millions of dollars on goods and services from Inuit owned businesses and joint ventures, and millions more employing and training Inuit and Northerners,” said Towtongie. “I trust that the terms of the IIBA will put even more benefits into the hands of Inuit.”
Towtongie noted that because this project is on Inuit owned land, and NTI holds the title to the minerals, Inuit will receive significant mineral royalties in the years to come.
“This project is very important to Inuit. Our financial future depends on it, and it has the potential to be the economic driver for Baffin Island communities for decades to come. Congratulations to QIA,” said Towtongie. “We look forward to seeing this project go into production.”
