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Haisla Sell Off Stake in Kitimat LNG Project

By 250 News

Friday, December 17, 2010 03:59 AM

Kitamaat Village, B.C. – It’s a very big early Christmas present for Haisla Nation.
The First Nation has sold its option to purchase a major stake in the Kitimat Liquefied Natural Gas Project for $50 million U.S. The equity option was bought up by KMLNG, leaving Apache Canada and EOG Resources as the sole owners of the North Coast LNG terminal project.
Chief Councillor Dolores Pollard says the sale provides an immediate and substantial benefit for the Haisla in addition to the annual lease and tax payments that First Nation will receive from the terminal to be built on reserve land at Bish Cove. Pollard says the Haisla look forward to a long-term relationship with KMLNG.
Members of the First Nation will be receiving cheques for $8000 in the coming days. Kitamaat Village Council has picked a money management team with a major Canadian financial institution to look after monies in the short term while the Council takes some time to develop a longer term investment strategy. 
The Haisla will hold a community dinner celebrating the go-ahead of the $4 billion dollar project next month in Kitamaat Village.

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Comments

Than 10 years later, the whinning begins, we did not get enough.
We can only hope that it will take as long as 10 years.
Yeehaw! Oh to be a retailer in Kitimat or Terrace right now.......
It should be interesting on how it does pan out. the 50 million is spread out amongst 6000 people, 8 grand is not a lot of money. Some will leave it in with the experts and some will blow it in a week. Then the spread between the haves and have nots will be even greater.
Wow, Imagine a family of 6 living off of the social assistance, and finding out that you will be getting close to 50,000 dollars. That would be like landing on Free Parking when there is nothing but hotels down the streets.
He spoke@Please provide an example of a band that has receive this kind of money and has then complained about not getting enough ten years later. I submit that you're blowing smoke.
Kind of busy right now, to do the research, but I will get back to you on it. Can you wait 87,648 hrs.
In all honesty, these are just cheap shots. I am glad to see the Haisla Nation in support of the LNG plant.

They probably made a wise choice to take the cash instead of a piece of the action. At least this way, they have an opportunity to manage their own future, instead of being a flea on the dogs back.

If things go sideways in the LNG business, they already have the cash. Smart thinking to the Haisla Nation.

See, I am a reasonable man, ok some of the time.
Further more to blowing smoke, can't do that, there is an wood stove issue in our city.
Before I forget,

Merry Christmas to Ben and Elaine, and all the staff at Opinion 250. You guys are doing a great job, and I think you will out strip the The Citizen as the biggest audience of the town.

All the best in the coming year.
So what investiment did they make to get this purchase option deal ahead of any site development whatsoever? This seems like a way of glazing over the reality that this "option to purchase" could be described by another name, I would offer maybe, "bribe".

Aboriginal consent for project development should not be attached to options for ownership, revenue sharing, etc when they are an active and participating stakeholder in the review and approval process I hope the NEB as of right now does not actively seek to consult them on this project approval, and if so I hope the Haisla clearly step out of the review process so as not to bring in any confict of interest issues (although in that case they would have to admit they have no regulatory rights over the lands).

This is bordering on organized crime.
It is on the edge, but I am sure it was the business which made the first move. Thus if you were responsible for 6000 people, knowing that it is going to be a big fight either way, wouldn't you want something out of it as an option.

I am pretty sure, that when Alcan went in there 60 years ago, the first nations got squat. So, unfortunately they have just learned to play our game.....well.
Never have I met the people of a more progressive band than the Haisla Nation. Hard working well educated, darn fine bunch of people. From the carver Sammy to Robert, both Robinsons, to the good natured and caring families.
Congrats Haisla, best wishes.
I thine pg250fam sums it up well... giving up their share options they give up their voice in the corporate structure at any point along the way as well.

Any money should not go directly to the band members, but rather to oversight management activities, of which they apparently abdicate.

Royalties based on treaty rights should be completely separate from regulatory approval processes. Only after approval is granted should the condition upon royalty rights be negotiated.
Where do you get 6000 people in the Haisla nation? I don't think the whole population of Kitimat is 6000. There are almost 1500 members of the Haisla nation with approximately 700 living in Kitimaat village.
I think the payout works out to be around $140,000 for a family of 4.... enough to do some serious shopping and still have some left to invest.