Project Reconciliation is a non-partisan, First Nations-led initiative that has invited Indigenous communities in B.C., Alberta and Saskatchewan to buy a majority stake (51 per cent) in the Trans Mountain pipeline and expansion project (TMX). (CNW Group/Project Reconciliation)
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Jun 13, 2019,
CALGARY, June 13, 2019 /CNW/ – Project Reconciliation Executive Chairman and Thunderchild First Nation former Chief Delbert Wapass will talk about Indigenous-led projects and ways of moving forward at the Global Petroleum Show in Calgary June 13.
Wapass will explain why it’s vital that Indigenous communities be given the opportunity to purchase a majority stake in the Trans Mountain pipeline, should the Federal government give the project a green light later this month.
“Indigenous communities have experienced generations of systemic poverty, and rather than managing poverty it’s time we managed our peoples’ wealth and their economic futures,” said Wapass.
“We strongly support majority ownership of the pipeline as a means of not only achieving a prosperous future but also ensuring strong environmental protections of our territories – for our families, and for all Canadians,” he said.
Thursday, June 13, 2019
Palomino Room, BMO Centre
Notes for Media:
Executive Chairman Wapass will be available to media after the panel.
Project Reconciliation is a non-partisan, First Nations-led initiative that has invited Indigenous communities in B.C., Alberta and Saskatchewan to buy a majority stake (51 per cent) in the Trans Mountain pipeline and expansion project (TMX).
The project is headed up by Delbert Wapass, Executive Chair & Founder and former Chief of Thunderchild First Nation in Saskatchewan; Shane Gottfriedson, Regional Director, B.C., and former Chief of Tk’emlúps te Secwepemc First Nation; and Wallace Fox, Regional Director, Alberta, and former Chief of the Onion Lake Cree Nation; and is supported by a team of industry and business professionals that includes Stephen Mason, Managing Director & Founder of Project Reconciliation; and Pat Whelan, Managing Director & Founder, both who provide extensive experience and expertise in finance, business management and governance.
There is a pipeline to reconciliation. Here’s why we should take it:
With a majority stake in TMX, participating Indigenous community partners would have direct input into how land, water, animals and fish are protected. They would have a seat at the table regarding how TMX is operated and constructed, and the authority to ensure that these activities meet high standards for environmental and marine protection and safety.
Participating Indigenous community partners would receive long-term revenue that could be used to achieve economic independence. The revenue would come both from earnings from the initial TMX investment, and from earnings from re-investments made under a Sovereign Wealth & Reconciliation Fund.
The Sovereign Wealth & Reconciliation Fund could facilitate a bridge to future technologies. It would be re-invested into infrastructure-based assets that could include environmentally sustainable initiatives.
Participating Indigenous community partners would not require upfront cash to invest. Project Reconciliation’s financing plan would involve buying a 51-per cent interest in the existing pipeline, and obtaining funding for 51 per cent of the cost to construct the expansion project. Upon completion of the expansion project, Project Reconciliation’s entire purchase and financing costs (i.e., 51 per cent of the cost of buying the original pipeline and 51 per cent of the cost of financing the construction of the expanded pipeline) would be refinanced through a syndicated, 20-year bond issue totalling approximately $7.6 billion. No part of the financing would require public funding.
Participating Indigenous community partners would not be exposed to any financial or liability risk.
As is the case with any other pipeline, TMX carries—and would continue to carry—insurance that would cover the costs of an incident, should one occur. Participating Indigenous community partners would not be held financially responsible or liable.
SOURCE Project Reconciliation
For further information: Sarah Del Giallo, Enterprise Canada, 416.586.1474 ext. 2255; MaryAnn Kenney, Project Reconciliation, 403.606.9998