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Natural resource royalties to go directly to band

Article Origin


Compiled by Shari Narine







Kawacatoose First Nation is the first band in the country to take full control of money earned from its land and natural resources. Under the Indian Act, First Nations communities have to go through Aboriginal Affairs and Northern Development Canada to get permission to use their own money and finalize business contracts related to oil and gas reserves. Now that the Kawacatoose First Nation has opted into the First Nations Oil and Gas and Moneys Management Act, it can manage its own finances, including royalties from oil, mining and gas. Investors will be able to provide the band with more flexible capital because it is in full control of natural resource royalties and can use them as collateral to attract investment, said John Jurrius, president and CEO of Native American Resource Partners, a firm investing in resource development on Kawacatoose land. Chief Darin Poorman says this will help the community develop its natural resources and use the funds to tackle local problems, such as overcrowded housing, poor infrastructure on reserves and healthcare for the elderly.