Natural Resources committee  I'll do my best, but I've never been known for being short. Thank you very much for this opportunity to speak to you, Mr. Benoit, and also to the members of your committee. I'm going to be speaking in this presentation. I have Dr. Richard Schryer, who is our director of regulat

Natural Resources committee  Those were only two examples.

Natural Resources committee  The first question I think Dr. Schryer will answer, and then I'll deal with the other two that were directed at our company.

Natural Resources committee  I'll now the address the issue of the first nations. We actually have very good relations with our first nations group as well. In the Northwest Territories we have three agreements that were recently executed with the Tlicho government. One of the problems we have, though, is t

Natural Resources committee  It's been five years. We've essentially had a moratorium on development in their lands while they undergo this process.

Natural Resources committee  First of all, resource revenues are basically going to the federal government right now until we have devolution, so the Government of the Northwest Territories is not adequately funded to be able to contribute to significant infrastructure projects. That is a problem. I would su

Natural Resources committee  I have a further comment on that. Our Nico development is only 22 kilometres from four hydroelectric dams, yet we're putting in diesel power generation because there is inadequate surplus power from that facility to be able to satisfy the electrical requirements of our mine, and

Natural Resources committee  We're not at the table yet with impact and benefit agreements.

Natural Resources committee  Yes.

Natural Resources committee  We are trying to negotiate impacts and benefits agreements right now. But right now the Tlicho government is not at the table to negotiate these kinds of agreements. We have just recently completed—

Natural Resources committee  Equity participation would certainly be one of the issues that would be under negotiation as part of an IBA. We just completed agreements with the Tlicho to fund their participation in the environmental assessment process, to fund traditional knowledge as well as a cooperation ag

Natural Resources committee  But they're escalating.

Natural Resources committee  No, they're escalating.

Natural Resources committee  There's not currently an equity deal.

Natural Resources committee  The partner, POSCO, a South Korean steel company, is actually 20%. This was part of a process where we wanted not only a financial partner, but also a strategic partner. This is a very important metallurgical coal asset. Metallurgical coal is in very significant shortage of supp