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Labrador Iron Mines Holdings Limited (“LIM”) or (the “Company”) (TSX:LIM) is pleased to announce that it has signed a landmark Impact Benefits Agreement with the Nation Innu Matimekush-Lac John of Schefferville, Quebec (“MLJ”), with regard to LIM’s Schefferville Area direct shipping iron ore mining projects in the Province of Newfoundland and Labrador and in the Province of Quebec.
The historic life-of-mine Agreement, which was approved by resolution of the Band Council of Matimekush-Lac John signed by the Chief and Band Council, and endorsed by community referendum, recognizes that LIM and MLJ wish to work together to establish a long-term, cooperative, respectful and mutually beneficial positive relationship, based on confidence, trust and certainty.
Under the IBA Agreement, LIM has agreed to the equitable participation of the Innu Matimekush-Lac John in its Schefferville Area Projects through employment, training, contract opportunities and financial benefits, including some community infrastructure projects, and has agreed to take certain social and environmental protection measures to mitigate the impact of the Projects on MLJ families and traditional activities.
MLJ, by entering into this Agreement, has given its consent to the Company’s iron ore Projects proceeding in accordance with the Agreement and has agreed to provide LIM continuing and unobstructed access to and quiet enjoyment of the iron ore projects and its properties.
In a public signing ceremony, held in the presence of members of the MLJ community, on Monday, June 6, 2011 in the Schefferville Arena, (recently refurbished with assistance from LIM), John Kearney, LIM’s Chairman & CEO, commented on this ground-breaking event:
“This agreement is a very significant step for LIM and for the Innu Community of Matimekush-Lac John, paving the way for the development of a project that will provide opportunities for the local community at Schefferville, and particularly its youth, and will at the same time protect the environment and Innu traditional and cultural activities.”
“LIM recognizes that its iron ore projects may have an impact upon the Innu of Matimekush and their traditional lands, and has agreed to take positive steps towards developing a respectful relationship with MLJ in recognition of these impacts. LIM is committed to an environmentally and socially responsible development of the iron ore Projects in a way that respects, addresses and, if necessary, mitigates the environmental, cultural, economic and spiritual concerns of MLJ.”
“LIM understands the importance of our iron ore mine projects to the people of the Matimekush-Lac John and is committed to the maximization of associated benefits – including education, training, employment, business opportunities, financial participation and economic development – and is committed to providing fair opportunities to the Members of MLJ to participate in, and benefit from, LIM’s iron ore projects,” added Mr. Kearney.
Read the full news release here.
