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biggest IIBA to date Baffinland's president and chief executive officer Tom Paddon (left) and Qikiqtani Inuit Association president Okalik Eegeesiak (right) sign an Inuit impact and benefit agreement and a commercial production lease Sept.

6 in Iqaluit. (PHOTO BY DAVID MURPHY) The Qikiqtani Inuit Association dubbed it a moment when Tom Paddon, president and chief executive office of Baffinland Iron Mines Corp., and QIA president Okalik Eegeesiak finally signed the deals which will pave the way for the Mary River iron mine in northern Baffin Island Sept. 6. After a coach outlet stores missouri chuckle and coach outlet stores smithfield nc some nods, she signed the Inuit impact and benefit agreement and commercial production lease, which has been in negotiation for seven years. The signing of the IIBA, which will likely be worth millions to the QIA and Inuit in Baffin Island when the mine moves into commercial production, also came with a signing bonus. But the amount and most other financial information contained in the IIBA was not revealed Sept. 6. Paddon said, however, that the IIBA will make the Mary River mine a successful project. very much in our best interest for this to coach outlet atlanta orthopedics be a success for the Inuit, Paddon told the packed room at the Discovery Lodge in Iqaluit. stronger and healthier communities [are] in the North, the better project for us. don want to have to recruit people from the South and fly everybody up and bring all of our services from the South it not an efficient a way to do business, he said. a lot of work to get there. But that what the document is for, Paddon said. Eegeesiak, speaking mostly in Inuktitut, said that there are bound to be mistakes throughout the span of the project, which would produce 3.5 million tonnes of iron ore a year, until 2020, when 20 million tonnes of ore would start flowing for at least 20 years if Baffinland expands the project. But Eegeesiak said the entire Baffin region will benefit from the mine. She also said QIA representatives will visit the entire Baffin region to explain the agreement to communities. The IIBA contains twenty four articles in the initial draft of the summary of the agreement handed out at the meeting, which spells out how Inuit will benefit from the Mary River Project. As part of the deal, an executive committee will be created that coach outlet us store will comprise three representatives from each of QIA and Baffinland, called in the document. The executive committee sure BIMC and QIA are accountable to their respective commitments to maximize Inuit participation. To make any important decisions in relation to the IIBA, five of six representatives from the executive committee will have to agree. The agreement does not set a minimum Inuit employment target, called in the summary. But it does say the executive committee will set annual minimum Inuit employment targets, review contract award issues and respond to communities affected directly by the project. As part of the IIBA, an implementation budget will be created with several funds, which includes: business capacity and start up fund $250,000 per year paid by BIMC until commercial production begins; Ilagiiktunut Nunalinnullu Pivalliajutisait Kiinaujat Fund (a fund to offset negative social or cultural impacts created by the project and to help distribute benefits) $750,000 per year paid by BIMC and QIA equally for the first six years; education and training fund $1 million for the first two years the IIBA is in effect, paid by BIMC; scholarship fund $25,000 each year paid by BIMC; workplace orientation programs; and, money to pay the costs associated with implementation of any rights, obligation or requirements of the IIBA. Royalty payments paid by Baffinland to QIA during commercial operations will be reported yearly in an annual general meeting. But the royalty rate and the estimated size of royalty payments were not revealed Sept.

6. In a footnote, the royalty payment is defined as net sales revenue for a period multiplied by a factor agreed to by the Parties in the IIBA. payments can be re negotiated after 30 years, or once $1 billion tonnes of iron ore has been mined.


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