GREY:VITFF - Post by User
Comment by
eldrecoon Oct 14, 2011 2:53pm
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Post# 19150498
RE: Financial support
RE: Financial supportHi Bajanjohn,
No bones, but I don't quite know that I would read what you have surmised by that line:
"Provides financial support and profit sharing opportunities that may result from a successful project"
I would be surprised if the First-nations band councils have agreed to pump money into the project - I don't think that they are overly flush with cash. However, I do think that the financial impact of this agreement - that must have as components both possibilities of employment for band-members wishing to work on the project, and some share in a possible revenue-stream that could benefit the band-councils, is enormous. Wage employment, particularly for first-nations up there, is tenuous at the best of times - so the propect of being able to work, either with the company directly or with ancilliary support businesses, would represent a great opportunity - and the trickle-down through the communities would help an awful lot of people. This is a great move for both the people of the area and the company - and hopefully will set the tone for similar negotiations in the territory.
Some expressed that they didn't think that this news was worth the halt...in the bigger picture, it really did merit the halt - if only to celebrate the work put in by all parties that worked in good faith towards it. Without an agreement in place, it simply sets up another road-block that has to dealt with later (mining in Canada has to consider the rights of all parties now), the lack of it would come back to bite us in the keister later - I have (maybe we all have) been through situations before where "a company" was later held to ransom at a critical time because they hadn't dotted their "I"s and crossed their "T"s - and the loss of momentum AND share value was enormous. So this is great news.
Congrats to VIT and the band councils.
El D