Indigenous and Northern Affairs committee  I think I'll answer that question a little differently. I am going to talk about one of the reasons I don't think the current design of the Canada Infrastructure Bank is going to work for the north. The reason, as I've been advised by decision-makers who led the transition team, is that there's a public interest test, and that public interest test will be deemed to have been passed when the subnational jurisdiction meets a particular capital requirement relative to the particular project in question.

Indigenous and Northern Affairs committee  There are a number of opportunities. Agnico is a senior, mature company with a lot of operations. TMAC has a single gold mine operation that just began production last year. It is quite fortunate that it's proximate to tidewater. If it were not the case, they might not be operating today.

Indigenous and Northern Affairs committee  What can we do to turn other companies, small companies, into the next generation of Agnico Eagles? We need to bring those projects into a space of economic viability. The single largest thing that can be done to achieve that is to reduce the infrastructure deficit. If we don't, we will continue to see high-value, low-volume commodities in the north, and that is all.

Indigenous and Northern Affairs committee  We will not see these types of projects move forward.

Indigenous and Northern Affairs committee  Carbon pricing is a unique circumstance in the north. MAC has consistently called for northern recognition with respect to carbon pricing. As an association, we support carbon pricing as the most effective means of reducing carbon by giving firms the maximum level of flexibility, but you need to have a behaviour that you can switch to.

Indigenous and Northern Affairs committee  Sure. Very quickly, I don't think it's possible to amend it easily, because the CIB was designed to attract private dollars with public investment. Dollar for dollar, you're not going to get as high a return in the north as you are in the south. We just heard that. There's a reason the north isn't built—it's because it's very expensive.

Indigenous and Northern Affairs committee  Yes. I could provide a bit of supplemental information. There's a common misperception in the industry that the greatest value that a company can bring is through tax and royalties. The reality is that 80% of the value that companies generate on average, according to our studies, is through procurement.

Indigenous and Northern Affairs committee  Thank you. Thanks for the opportunity to participate in this important consultation process. My name is Brendan Marshall. I'm the Vice-President for Economic and Northern Affairs at the Mining Association of Canada. MAC is the national voice of Canada's mining and mineral-processing industry, representing more than 40 members engaged in exploration, mining, smelting and semi-fabrication across a host of commodities.

Transport committee  With respect to the port of Churchill, I'm not sufficiently informed to be able to comment. What I can do for the committee, or for you, if that would be helpful, is speak to one of our members, Hudbay Minerals, which operates in northern Manitoba. It would be one of the closest mine refinery facilities proximate to that port.

Transport committee  Absolutely. With respect to the Alaska Industrial Development and Export Authority, AIDEA, we support that institution's design as one that could work in the Canadian context. AIDEA is basically the Alaskan version of what the current government has proposed to achieve via the Canada Infrastructure Bank.

Transport committee  Yes, they are. Well, several of them are.

Transport committee  Yes.

Transport committee  Well, it depends on how you look at it, right? I mean, I think there's—

Transport committee  From a capacity standpoint, one stat that would be helpful for context is that I think in September, we were shipping, as a country, 85,000 barrels of oil a day—

Transport committee  —and that's expected to ramp up to about 400,000 by Christmas, as I understand it.