New one-of-a-kind fund to provide dollars for northern projects
- EFN Staff | April 11, 2016
A one of a kind arrangement between northern leaders and Cameco and Areva will provide funds for Northern community projects for decades to come.
The Six Rivers Fund is an independent, non-profit corporation that will use interest from a trust funded by Cameco and Areva with proceeds from uranium recovery at the Key Lake operation, to make community investments that support projects across the northern administration district (NAD). The projects will focus on youth, education, sports, recreation and health and wellness.
"We are building something for the future," said Six Rivers Fund board chair Victor Fern. "This is something that will continue to grow and has the potential to deliver benefits far into the future beyond the life of the mines."
Funds available for investment will be limited in the early years as capital builds in the trust. This year $100,000 will be available. It is hoped by the northern leaders and Cameco and ARVEVA that the legacy value of this fund will reach $50 million in the decades to come.
The Six Rivers Fund reflects a new approach to sharing the benefits of resource development with local communities. The fund was developed with leaders from across the north representing First Nations and Metis communities and municipalities. The funds governance structure includes representation from all regions in decision making and favours initiatives with pan-northern benefit.
"The uranium mining industry delivers tremendous benefit to the people of northern Saskatchewan now through employment, training, business development and community investment," said Tim Gitzel, president and CEO of Cameco. "The trust provides a lasting source of funding for initiatives and puts northerners in control to direct the funding to where it can do the greatest good based on their priorities. "
All project funding decisions will be made by the four-member board of the Six Rivers fund which will have representation from all regions of northern Saskatchewan. Initial board members are Chair Victor Fern from Fond du Lac, Angie Merasty of Pelican Narrows, Isidore Campbell an English River member from Beauval and William Dumais of Southend.
The fund will begin receiving applications from community organizations this year. Projects are reviewed in the spring and fall each year. Eligible projects must secure a minimum of 25% of their funding from other sources and applicants must be able to demonstrate capability to complete the project.