Agreement will see First Nations share in millions of dollars a year in royalties from $579M mine
The six Maliseet First Nations in New Brunswick have reached a multimillion-dollar financial deal with the provincial government that clears the way for the Sisson mine project north of Fredericton to proceed.
Under the accommodation agreement announced Friday, the six First Nations — St. Mary’s, Woodstock, Oromocto, Tobique, Kingsclear and Madawaska — will receive 9.8 per cent of provincial revenue generated from the metallic mineral tax. The six First Nations will share in:
- $3 million upon federal environmental approval of the mine.
- 35 per cent of the first $2 million the province receives in royalties each year.
- 3.5 per cent of annual royalties above $2 million.
The province forecasts the mine could result in $280 million in mineral royalties to the province over its expected 27-year life.
“We have made one big leap in making the Sisson mine that much … closer to happening,” Premier Brian Gallant said as he announced the agreement.
A report from the Canadian Environmental Assessment Agency in April 2016 said the impact of the Sisson mine project is likely to be significant on the Maliseet First Nations of Tobique, Kingsclear, Woodstock and St. Mary’s through the loss of a traditional area for hunting, fishing and resource-gathering.
“Finalizing these agreements is a big step in having the Sisson mine project move forward,” said Chris Zahovskis, the president and CEO of Northcliff Resources, which co-owns the partnership proposing the mine.
For the rest of this article, click here: http://www.cbc.ca/news/canada/new-brunswick/maliseet-first-nations-sisson-mine-deal-1.3976027?cmp=rss