Oil and gas, mining
(Canadian Press via Eye on the Arctic, 28 November 2011) -- Inuit in Canada's eastern Arctic territory of Nunavut expect to receive hundreds of millions of dollars over the next decade after passing a resolution to charge a new royalty on Arctic resources. The group that administers the Nunavut land claim, Nunavut Tunngavik, says it will start collecting the 12 per cent royalty on April 1, 2013. Nunavut Tunngavik estimates it will collect nearly half a billion dollars from the royalty in its first six years. The money will be placed in a trust fund and spent by Inuit organizations. Mining groups say the royalty was expected and isn't likely to affect operations in the territory. Nunavut's mining industry is increasingly active, with $2.4 billion spent on exploration since 1999 and 82 active properties.
Posted 30 November 2011; 11:28:37 AM. Permalink