- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
BC Government and Petronas Offer $1 Billion Benefits Package to Lax Kw’alaams First Nation to Win Support for Pipeline
CBC News reported that the BC provincial government and Petronas have made an offer for a $1.15 billion benefits package to the Lax Kw’alaams First Nation in a bid to win support for a proposed LNG terminal and pipeline.
CBC News reported that the BC provincial government and Petronas have made an offer for a $1.15 billion benefits package to the Lax Kw’alaams First Nation in a bid to win support for a proposed LNG terminal and pipeline.
As quoted in the market news:
The deal is not the only one being pursued with aboriginals in advance of regulatory approval. One week ago, TransCanada, the company that plans to build the 950-kilometer pipeline from near Hudson’s Hope in northeastern B.C. to Prince Rupert on the coast, announced a deal with the Kitselas First Nation.
“Our government has been very clear that for too long First Nations have been excluded from economic development and that needs to change,” said the Ministry of Aboriginal Relations and Reconciliation in an email on Friday.
An information bulletin published on the Lax Kw’alaams’ website notes the proposal includes $27.8 million for signing and preliminary agreements, construction and startup projects.
Annual payments would start at nearly $13 million and end with $50.5 million in year 40, for a total of just over $1 billion, it adds. The band would receive 2,200 hectares of land, worth about $108 million, in the Prince Rupert harbour area, as well as “additional lands of interest.” Targeted funds of nearly $29 million would cover road paving, compensation for fisheries, scholarships and training programs.
“The province is working with more than 40 First Nations to discuss benefits, concerns and the engagement process on proposed natural-gas pipelines and LNG-related infrastructure within their traditional territory,” said the Ministry of Aboriginal Relations and Reconciliation. “Proponents are also engaging with First Nations through similar discussions.”
The ministry said it has, to date, concluded talks with 27 First Nations on 54 agreements on natural gas pipelines, and it expects more, although the details will vary.
Pacific NorthWest LNG, a majority of which is owned by Petronas, plans to build an export terminal on Lelu Island, near Prince Rupert.
“If the project is constructed, Lelu Island will be effectively off bounds to Lax Kw’alaams’ members as the island will be largely cleared,” states a community backgrounder.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.