Arbitration panel rules Baffinland owes QIA $7.3M in missed royalty payments
An arbitration panel has concluded that Baffinland Iron Mines owes the Qikiqtani Inuit Association (QIA)...what could ultimately amount to $75 million in the coming years.
...QIA president, said...it's a matter of Inuit protecting their interests after "ceding and surrendering our Aboriginal title to these lands in exchange for these impact benefit agreements."
The three member tribunal ultimately agreed — unanimously — and ruled in the QIA's favour.
...According to the arbitration ruling, the advance payments were designed to ensure benefits would flow to Inuit whether or not full commercial production was ever reached. This is because the region would face "negative impacts on the environment … as well as … social and cultural disruption" regardless of the mine's ultimate commercial success.
Ultimately,...the arbitration board [said]..."...the consideration under the IIBA will be sufficient to ensure remediation of Inuit lands, environmental harm and socio-economic impacts."
...Baffinland Iron Mines, said the company welcomes the...decision..."Now we can move forward with other matters and give them our full attention, like employment and training for Inuit."..."The important thing for us is that we honoured the terms and conditions of the IIBA, the process worked, we have a decision..."...