Nunavut Tunngavik President Cathy Towtongie today announced that NTI received the first royalty payment as a result of mineral production on Inuit Owned Lands. The royalty payment of $2,249,500 was made by Agnico-Eagle Mines Ltd. from its Meadowbank Gold Mine north of Baker Lake.
“The NTI Board of Directors passed the NTI Mining Policy in December of 1997 making a clear commitment to support the development of mineral resources in Nunavut if there are significant long-term social and economic benefits for Inuit, and if it is consistent with protecting the eco-systemic integrity of Nunavut. NTI worked hard to implement that policy and I am pleased to announce that we have entered a royalty stream on Inuit Owned Lands,” said Towtongie.
“Until Agnico-Eagle Mines Ltd.’s Meadowbank Gold Mine came into production, there was no mining in Nunavut on Inuit Owned Lands. Meadowbank is the first project from which Inuit have received royalties as a result of mineral title,” said Towtongie. “I’d like to congratulate Agnico-Eagle Mines in the successful operation of this project.
Towtongie said receiving the royalty payment was a good benefit, but the exploration and mining of minerals is also providing many employment opportunities, business opportunities, and training for Inuit.
On behalf of Inuit, NTI holds title to the minerals on Inuit Owned Lands. All revenue received by NTI as a result of the mineral title is segregated, managed and distributed in accordance with the Resource Revenue Policy passed by the NTI AGM in Nov., 2011.