Revenue sharing models are under discussion for the Ring of Fire and NAN territory.
“There are various revenue sharing models that are being examined, in fact as we talk there are discussions taking place between Ontario and First Nation organizations and individual First Nations on revenue resource sharing models,” said Nishnawbe Aski Nation Deputy Grand Chief Les Louttit during his keynote address at the 2nd Annual Ontario Mining Forum, held June 19 at the Valhalla Inn in Thunder Bay.
Louttit cited profit-sharing and giving First Nations a stake in ownership of the companies as examples of what First Nations might be looking for. “In the very near future we will be making a proposal to the government to consider, particularly in terms of the Ring of Fire,” Louttit said. “Those options may include equity interests in mining companies — that’s been done before. But what has not been successfully done to a large degree is profit sharing.”
Louttit said everybody has to benefit from resource development, not just governments and industry. “That can happen if everybody has the will to do that,” Louttit said. “This concept has been introduced and it has received some favourable response, but we are going to be continuing discussions with the province to see how this mechanism can benefit developments in the Nishnawbe Aski territories.”