2 Northern uranium companies have come together to create a trust fund for future Northern Saskatchewan initiatives.
Cameco and Areva have partnered together with community leaders across the north to develop the Six Rivers Fund that will provide funding for community projects.
The fund will aim to support projects and initiatives across the North that focus on youth, education, recreation and health.
Representatives for both Uranium companies as well as several other Northern leaders were on hand for the historic announcement at the Twin Lakes Community School in Buffalo Narrows on Monday.
Cameco President and CEO Tim Gitzel says the fund is a way for uranium companies to leave a positive impact long after uranium operations in Saskatchewan come to a close.
“Our companies will keep operating because we have great mining assets, but we want something that endures even that,” says Gitzel. “Putting a trust fund in place that builds up over time will really aim to serve not just the communities of today, but their children and grand-children.”
The Six Rivers Fund will build capital over the years with proceeds coming from uranium recovery at the Key Lake operation.
The fund will then use the interest from this capital to make investments in northern Saskatchewan.
All decisions made by the Six Rivers Fund will be made by a board of 4 people representing First Nations, Metis and municipalities across the North.
The initial board members are Victor Fern of Fond du Lac, Angie Merasty of Pelican Narrows, Isidore Campbell, an English River First Nation member living in Beauval and William Dumais of Southend.
All board members say it is vital these decisions come from northerners.
“All northerners know we need to plan for the future,” says board chair Victor Fern. “I am just glad to see something started in the North and all of this is happening thanks to our industry partners.”
The fund has been in the works for several years.
“No shortcuts, no politics, no favours, it will be northerners deciding for northerners,” says Simon Bird, a member of the original planning committee.
Some northern educators are also excited about the opportunities this trust fund will bring to northern youth.
Jackie Durocher, principal of the Twin Lakes Community School says there are several investment opportunities for northern youth.
“How can we heal ourselves and make life better for us here instead of always going to the south.” says Durocher. “These fund may not directly impact our youth right now, but over time it will.”
Funds available will be limited for the first few years as capital grows.
$100,000 in funding is available for community projects in 2016, however, Cameco and Areva have set a goal to reach a capital investment of $50 million in the decades to come.
“The Six Rivers Fund is truly one of a kind,” says Vincent Martin, president and CEO of Areva resources Canada.
Capital placed in the fund year over year will depend on uranium prices and production of the Key Lake operation.
The fund will begin receiving applications from community organizations this year.
More information on the eligibility of projects and organizations and how to apply is available at sixriversfund.ca.