Business
Canadian Royalties signs Impact and Benefits Agreement for its Nunavik Nickel Project
MONTREAL, April 9 /CNW Telbec/ - Canadian Royalties Inc. (the "Company") (TSX: CZZ) is pleased to...
About this update from Cleghorn Minerals Ltd.
[{"type":"text","content":"\n\n\n\nMONTREAL, April 9 /CNW Telbec/ - Canadian Royalties Inc. (the "Company")\n(TSX: CZZ) is pleased to announce that it has entered into an Impact and\nBenefits Agreement (the "IBA") with the Nunaturlik Landholding Corporation of\nKangiqsujuaq ("Kangiqsujuaq"), the Qarqalik Landholding Corporation of Salluit\n("Salluit"), the Northern Village of Puvirnituq ("Puvirnituq") (Kangiqsujuaq,\nPuvirnituq, and Salluit are hereinafter referred to collectively as the\n"Communities"), and Makivik Corporation ("Makivik"), the non-profit legal\nrepresentative of the Inuit in respect of its Nunavik Nickel Project (the\n"Project") located in Nunavik, Quebec. Makivik, whose board of directors\nincludes representatives from the 15 communities of Nunavik unanimously\napproved the entering into of the IBA.\n\n\nThe IBA will be in effect for the length of the Project's mine life,\nconstitutes a formal commitment by the Company to ensure the fair distribution\nof the economic benefits arising from the Project. Furthermore, in addition,\nto providing for equitable Inuit participation in the Project through\nassurances for hiring locally by implementing educational training programs\nand contracting in preference to regional Inuit supplier services, this IBA\nincludes guaranteed payments and revenue sharing allocations to Makivik and\nthe Communities over the expected life of the mine at the Project.\n\n\nIt is anticipated that this IBA will deliver economic and social benefits\nto the Inuit of Nunavik through Makivik, aid in the mitigation of the\nProject's impacts, and provide an efficient and ongoing relationship between\nthe parties during both the development and operation phases of the Project.\n\n\nRichard Faucher, President and CEO of Canadian Royalties stated that\n"with approximately 30% of the Project's direct capital costs committed or\nincurred to date, all within budget, the successful conclusion of this IBA\nrepresents a key milestone for the Company in obtaining the environmental\ncertificate of authorization and keeping the Project on schedule. The Company\nis extremely pleased to enter into this agreement with the Communities and\nMakivik, its conclusion representing the culmination of a long period of\ncooperation and negotiation to bring the Nu...