I'm not sure what Nunavut's strategy is. I can speak to some of the thoughts of the Inuit organizations. The Qulliq Energy Corporation is the agency within Nunavut that handles power, and they're looking at a hydro project within or near Iqaluit to try to provide some renewable resource generation. I'm sure they're also looking at some of the other technologies that are out there.
One of the problems they are encountering is the capital requirements that are placed upon the crown corporations. They cannot go over a certain limit. I forget the amount, but I think the hydro installation was $500 million or somewhere in that area. They couldn't borrow that much money because of the federal guidelines. I think that needs to be addressed, because based on the oil prices a year ago—and granted that they've dropped significantly since then—there was a four-year payback on the investment in this hydro.
That's one option. Are there are other options? I'm sure there are. From an Inuit perspective, the concern we have is how to ensure that Inuit organizations participate in those projects and reap the benefits so that it's not entirely a fly-in contract where people come from the south, do an installation, and turn around and leave. The lower cost would be a benefit, but what the Inuit are looking for is the ability to participate within those projects to train Inuit workers, to take the jobs both in construction and in the operation. Nunavut, and Qulliq Energy in particular, has an apprenticeship program. There was an announcement made last week about the number of apprentices who had, I believe, reached their journeyman status.
Major projects are the vehicle by which most of the training is going to take place, whether it's mining or major power projects or housing. In Nunavut, the Nunavut Housing Trust was set up in such a way that they are actually.... The cost per home has been increased because they are providing journeymen apprenticeship training, leading to journeymen in every community where they are building homes. So the timeframe for the construction is extended, the costs have gone up, but in the end they're going to have housing plus journeymen on site for other projects.
It's a balancing act, but it's a matter of working together to ensure that, moving forward, there are skilled tradespeople there for the position.