The Tahltan Nation Development Corporation has invested in the Imperial Metals Corporation, the company that owns the Red Chris Mine in Tahltan territ
The Tahltan Nation Development Corporation has invested in the Imperial Metals Corporation, the company that owns the Red Chris Mine in Tahltan territory. — Photo courtesy Tahltan Development Corporation
The Tahltan Nation Development Corporation (TNDC), the business arm of the Tahltan Nation, has invested in Imperial Metals Corporation, the company that owns the Red Chris mine in Tahltan territory. The investment is part of a round of ‘convertible debenture’ financing announced by Imperial Metals on August 24 to maintain and grow the business and advances TNDC’s strategic growth plans to diversify its revenue streams.
"This investment is a unique opportunity to contribute to a project that has tremendous economic value to our Nation. Red Chris is a significant employer of the Tahltan Nation, both directly on the project and through TNDC contracts. TNDC’s investment reinforces our commitment to a long term-relationship with Imperial Metals,” said Calvin Carlick, chair of the Tahltan Nation Development Corporation board.
“When our Nation shows support for a project, we want it to be a true partnership. This investment backs up the promises made in our co-management agreement with Red Chris and Imperials Metals. It means we are directly involved in a major project that affects our economy and the day-to-day lives of so many Tahltan people,” said Chad Day, president of the Tahltan Central Government.
TNDC and the Tahltan Nation have a strong economic link to the Red Chris Mine. The Tahltan Central Government, the governing body of the Nation, has a co-management agreement with Imperial Metals for Red Chris, which ensures Tahltan oversight of environmental issues surrounding the mine and guarantees a revenue-sharing agreement as well as training and career opportunities for Tahltan members. Red Chris is a significant employer of the Nation; approximately 40 percent of the current workforce is Tahltan while an additional 100 are working on TNDC’s contracts. TNDC had several contracts during construction and is currently providing road maintenance and camp services, and building the tailings impoundment facility.
Convertible debentures are a type of private investment. They can either be converted into shares or cashed-in at the price paid plus a set interest rate.
As the business arm of the Tahltan Nation, TNDC is responsible for ensuring the Nation benefits from responsible development in the territory through job, training and contracting opportunities for Tahltan members.
“We believe the Tahltan Central Government (TCG) and Imperial Metals are taking the measures necessary to protect the environment and look after the land for the long-term. The co-management agreement between Imperial and TCG will ensure the environmental and social commitments are met and the Nation benefits throughout the life of the project,” added Carlick.
