IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Thunder Bay-based Zenyatta Ventures has ended its dispute with Constance Lake First Nation after the leadership of the 1,470-strong community decided to no longer pursue a motion of injunction against the junior explorer in exchange for better co-operation and preferential job opportunities.
Zenyatta can now advance its Albany project south of the so-called Ring of Fire in the James Bay lowlands where it is exploring for nickel and platinum group metals with a purported value in excess of $1 billion.
In terms of the deal, CLFN will participate in an implementation committee and receive, along with certain other First Nation communities, preferential opportunities for employment and contracting. Zenyatta will also contribute to a social fund for the benefit of CLFN children, youth and elders.
Chief Roger Wesley of CLFN said: “We are pleased to have reached an Agreement with Zenyatta. It reflects the mutual respect that has developed between us and we look forward to building a strong relationship to realize the benefits and opportunities from the mineral exploration on the Albany Project in our traditional territory.”
Aubrey Eveleigh, President and CEO of Zenyatta, stated “We recognize the aboriginal treaty rights and the importance of the traditional lands to the First Nation people. We also realize that mineral exploration must contribute to the benefit of all parties involved. Zenyatta looks forward to working cooperatively with Constance Lake First Nation, other First Nations and local communities on the Albany Project. We feel that active participation and a close relationship with First Nation communities creates sound business opportunities. The Company is focused and committed to Northern Ontario and has always accepted responsibility for strong community relations.”
Click here for the full press release and here for more on the company’s Albany project.
Image of the Constance Lake Community is from the CLFN’s website. Click here for more.
