NexGen Energy Ltd. (TSX: NSE) (NYSE: NXE) (ASX: NXG) signed an impact benefit agreement (IBA) with two Métis nations in northern Saskatchewan for all phases of the Rook I Project.
The company announced the agreement with the Métis Nation Saskatchewan Northern Region 2 (MN-S NR2) and the Métis Nation Saskatchewan (MN-S) on Thursday. The project hosts NexGen’s Arrow uranium deposit.
The purpose of the IBA is to outline the environmental, cultural, economic, employment and other benefits that NexGen will provide to the nations in relation to the project. Additionally, it confirms the consent and support of the nations throughout the complete lifecycle of the project, including reclamation.
Importantly, the agreement does not alter or limit the rights of the MN-S NR2 and the MN-S. Instead, it serves as a recognition of those rights and is entered into with that understanding.
“It is our understanding this will be, by far, the largest Métis impact and benefit agreement in Canadian history,” said Glen McCallum, president of the Métis Nation-Saskatchewan.
“Under the IBA, the Rook I Project will respect our large, vibrant Métis community and our rights and interests over the land, while providing much-needed resources and opportunities to Northern Region II. It will leave a substantial legacy that can continue after the mine has closed and the lands have been restored.”
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Project within an area where both First Nations assert protected interests
The project is situated within an area where the both nations assert constitutionally protected Aboriginal rights and interests over specific lands and resources.
The agreement emerged from a prior study agreement signed in 2019 between NexGen, the MN-S NR2 and the MN-S. The study agreement established a formal engagement process to identify potential impacts on Aboriginal rights and socio-economic interests, as well as possible measures to avoid or mitigate those impacts concerning the project.
The MN-S represents the First Nation and Métis communities involved in the project. The Saskatchewan Ministry of Environment delegated the procedural aspects of the Duty Consult for the project to NexGen, and the company recognized these four nations as the primary groups for consultation, thus meeting the requirements of the Canadian Nuclear Safety Commission (CNSC).
“This agreement is a milestone in the history of the Métis Nation,” said Leonard Montgrand, regional director of MN-S Northern Region II.
“It not only recognizes the Métis as a rights-holding people with strong ancestral connections to the land, but also provides a mechanism for continuous engagement on a breadth of important topics, including environmental and social concerns, human resources and support for Métis businesses.”
Additionally, despite the delegation, the duty to consult remains with the Crown, but the study agreement provided support for nations to negotiate the IBA.
NexGen Energy shares climbed by 1 per cent to $6.09 on Thursday on the Toronto Stock Exchange.
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