Development banks seek to revive world’s biggest power project
The planned Grand Inga hydropower complex in the DRC has been stalled for decades.
Avanti Mining Inc. (TSX-V) has entered into an agreement with the Nisga’a Nation regarding the mining company’s proposed $1 billion Kitsault Molybdenum Mine Project.
The agreement includes terms for economic benefits for the First Nations group that will include a royalty of up to 2% based on the price of molybdenum, and addresses environmental concerns.
“We are pleased to have finally reached an agreement with Avanti that will enable the project to proceed while ensuring that our treaty rights are respected, and our nations environment is protected,” said Nisga’a Nation President Mitchell Stevens.
“This demonstrates that when proponents take the Nisga’a Nation’s interests and concerns seriously, practical agreements can be reached in a timely manner.
“We are now counting on the provincial and federal governments to fulfill their responsibilities under our Treaty in respect of this and other projects in our area.”
The project is located in the Nass Area in northwestern British Columbia. It is expected to open in 2014, and Avanti said it will support up to 300 full-time jobs over an anticipated 14-year lifespan.
The project had received an environmental assessment certificate from the provincial government in March 2013.
The Kitsault Mine was in operation from 1968 to 1972 and again between 1980 and 1982.
