Post by
$500,000Salmon on Apr 19, 2021 11:06am
LBN NEWS $30 M Once in lifetime- what about $270M from mine?
https://www.lakebabine.com/april-16-2021-news-release/
The accelerated payments of 30 million from the Foundation Agreement, under which LBN gave up none of its inherent rights or lands, provide a once in a lifetime opportunity to change our economic future. The next step is to create the LBN Sovereign Wealth Plan in a thoughtful way based on our teachings, values, and best market opportunities. Until they are ready to be utilized, the funds have been deposited and are earning interest income for the Nation, protected with tight controls.
This news release from Fri April 16th, makes me think that LBN simply do not understand how much money the mine will bring them in terms of mineral tax.
At current ore prices, and on mineral tax revenue sharing negotiations with the NDP, LBN stand to receive approx $270 Million based on the "working Model" BKM put together years ago. The working model lists all the expenses and revenues and can calculate both the net income and NPV (Net Present Value)
$270 million is 9 times their "once in a lifetime" $30 million windfall seen in this announcement.
There are approx 2600 LBN. $270 Million works out to just over $100,000 for each man, woman and child.
Someone in the NDP please let LBN know how much they will receive in mineral tax. And this does not even include all the high paid jobs. This is simply LBN's cash share of the mineral tax.
Comment by
uptowndog1 on Apr 20, 2021 12:38pm
Salmon you should send this to LBN, seems to me the Government is holding out for some reason, BUT why ????
Comment by
tutaguy on Apr 21, 2021 8:39am
Just another excuse not to give us the permit!! In my opinion