Education and cultural centres are top priorities for organization
The Kivalliq Inuit Association (KIA) is planning how to invest anticipated mining royalties of up to $100 million.
David Ningeongan, KIA president, said the organization now has $23 million in a variety of endowment and operating funds, but he said the association could earn $100 million in royalties over the next 10 years. The association began consulting with communities on the plan in August.
Last week, the association held a public meeting in Rankin Inlet, Nunavut, to discuss plans for an education fund. Ningeongan estimated more than 100 people showed up for the meeting.
Ningeongan said the plan is to take four per cent a year of mining royalties and dividends from the Inuit organization’s business arms — Nunasi Corporation and Sakku Investments — to fund programming. Of that four per cent, the draft plan is to put 10 per cent into an education fund for scholarships and support programs.
“It’s a long shot, but my vision is someday KIA gets a billion dollars in the bank account, 40 million would be doing a lot for our region … I know a hundred million is far from a billion, but it’s a start,” Ningeongan said.
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