Current ads
Jobs
Tenders
Notices
General

Click below

Makivik Corp. awash in handout dollars

Though its return on investments is less than expected, Makivik's coffers are swelling from cash

JANE GEORGE

Throat-singers from Kangirsuk opened Makivik's annual general meeting this past Tuesday morning. The meeting wraps up with the election of a president today. Harry Tulugak is running against incumbent president Pita Aatami. (PHOTO BY JANE GEORGE)

---

KANGIRSUK - With beneficiaries' equity up by $10 million in 2005, and millions more flowing in from Quebec and the Raglan Mine, the Makivik Corp.'s finances are so healthy that some of the money will go directly to beneficiaries in 2006.

In addition to a rise in beneficiaries' equity from $189.1 million to $198.5 million, Makivik can now count on $10 million a year more for the next 20 years from the 2002 Sanarrutik agreement with Quebec, and significant chunks of cash from Falconbridge's Raglan nickel mine.

The Sanarrutik money is supposed to go towards projects that create jobs. That's why the Avataq Cultural Institute, Taqramiut Nipingat, and the Saputiit Youth Association will get most of the money.

Makivik has also given sizeable amounts to business projects such as Nunavik Creations and Nunavik Arctic Cruises, research into the possible commercial use of seaweed, and the purchase of search and rescue boats.

This year, Nunavik gets $9.3 million from its profit sharing deal with the Raglan Mine, the largest amount the region has received to date. Of this $9.3 million, $2.8 million goes to Kangiqsujuaq, $4.2 million to Salluit and $2.3 million to Nunavik's Raglan Trust.

Of this, $200,000 will be distributed among beneficiaries aged 30 to 39, with the balance given to beneficiaries aged 18 to 30 who can expect to see cheques for more than $5,000 each, sometime in the fall.

"They haven't been receiving as much as the other beneficiary age groups," said Makivik's treasurer, Anthony Ittoshat.

Jack Anawak, Canada's ambassador to the circumpolar region, came to Makivik's annual general meeting to talk about climate change and circumpolar cooperation. (PHOTO BY JANE GEORGE)

---

In 2005, Makivik might have had an even better financial year if returns on its investments had been as high as projected. Makivik still plans to reduce corporate expenses by $1.9 million in 2006.

But Makivik's growing pot of money can't solve every problem, and climate change, support for traditional activities, and the never-ending housing crisis still loom as huge worries.

Several delegates attending the annual general meeting suggested Makivik should give more money to the region's hunter support program, so that it resembles the James Bay Cree program, which provides enough support that Cree families are able to go out on the land for extended periods.

"We know in the past families used to be able to go out on the land and speak their language," Charlie Arngak said.

Makivik's president Pita Aatami said the corporation has been investing in sewing shops and buying furs as a way of helping hunters and their families.

"I know this isn't enough and we have to look for other opportunities," Aatami said.

Aatami suggested that to do this, Makivik might use some of the $86 million in capital transfers and funds that will come to Nunavik as part of its offshore agreement. He also said he's lobbying the government to allow tax rebates for snowmobile and canoe purchases.

Despite Makivik's rosy financial future, delegates at the annual general meeting responded with interest to circumpolar ambassador Jack Anawak's call for action on climate change.

"It's becoming dangerous to continue the way of life we have now," Anawak told them. "If this is true about climate change, then we will have to make some adaptations.

Willie Kumarluk spoke about the early break-up of ice in his Hudson Bay community of Umiujaq, the presence of mosquitos at the end of April, and misty and mild weather even at the beginning of this month.

Educating youth about climate change and the presence of a monitoring station for climate change in Nunavik were among the suggested actions to help Nunavik deal with climate change.

Advertising
Specs, rates,
& maps
Multi-paper
buying services
About the market
E-mail ad dept

More Information