Yaq̓it ʔa·knuqⱡi’it, also known as Tobacco Plains Indian Band is developing a partnership with Pacific Road Capital and North Coal Limited.
An announcement for a letter of intent to form a partnership was released Tuesday by the local Indigenous community.
The partnership will work to develop North Coal’s Michel project, a metallurgical coal mining operation near Sparwood.
Tobacco Plains Indian Band will take up direct ownership interests in North Coal to establish the new mining operation.
View more information from Yaq̓it ʔa·knuqⱡi’it here or below:
Yaq̓it ʔa·knuqⱡi’it, also known as Tobacco Plains Indian Band or YQT, Pacific Road Capital and North Coal Limited (North Coal), are proud to announce they have entered into a Letter of Intent setting out the parties intention to form a partnership that will jointly progress and develop North Coal’s Michel Project, located in the Elk Valley near Sparwood, British Columbia (BC).
The Michel Project is a development-stage metallurgical coal project that incorporates industry-leading mine design, strong water protection, low operational carbon emissions, and accelerated natural reclamation plans that have been designed collaboratively with input from YQT.
The proposed partnership announced today is centred around the principles of co-ownership, co-management, and co-governance, and is the culmination of many years of respectful engagement between the parties.
Under the proposed partnership, YQT will take up direct ownership interests in North Coal and the Michel Project, and solidify a direct and meaningful role in the activities and ultimate development within the ʔakanuxunik̓ ʔamakis̓ territory and in generating potential opportunities for its people.
North Coal and YQT together will continue their hands-on role around managing significant impacts and forwarding a best-in-class project.
“This is a tremendous opportunity for YQT on our path to self-determination,” stated Nasu kin Heidi Gravelle of YQT. “This partnership has been built on mutual respect, collaboration, and integrity, while working with our community members, elders, and leadership to create a sustainable future built on our strong traditions and culture. By working together with Pacific Road Capital, we will have set a precedence for other companies looking to partner in economic ventures on unceded territory. We look forward to working together to create new opportunities for YQT and other First Nations on this important project.”
“We are proud to further strengthen our alignment with YQT as they join us as direct co-owners and co-managers of North Coal’s Michel Project,” said Matt Fifield, Chairman of North Coal and Managing Director of Pacific Road Capital. “Further, YQT will bring important knowledge and skills to North Coal’s development path, and the very nature of our partnership reflects Pacific Road’s fundamental beliefs around responsible resource ownership and investment.”
“Our development pathway has established a number of firsts,” said Ian Maxwell, CEO of North Coal. “We have designed our project with the highest standards of water quality at its heart, constantly putting environmental standards and decisions first. Now, our project and the development team will benefit greatly from YQT’s direct input. Our plans will be strengthened by YQT’s substantial knowledge of and connection to the land, traditional cultural heritage, and land management practices. Our development path will benefit from YQT’s extensive connections with and knowledge of other First Nations in the region of Tobacco Plains. We expect this to be beneficial to all parties, upholding our overall commitment to sustainable progress of the partnership and the Michel Project, and aligned with the Province of British Columbia’s Declaration of the Rights of Indigenous Peoples Act”.
The Michel Project is expected to produce premium, mid-volatile, high CSR (Coke Strength after Reaction) hard coking coal, known generally as metallurgical or steelmaking coal.
This commodity is a critical ingredient in the steelmaking process and is not used for legacy coal-fired energy generation.
Leveraging British Columbia’s world-leading resource quality, robust regulatory systems, abundant emissions-free energy, and mature transportation infrastructure, North Coal plans to offer global markets a product that is essential in helping decarbonize steel-making blast furnaces on their path to lower emissions and net zero.
This will include a market-leading ESG profile that North Coal expects markets, investors, and supply chains will be demanding as part of the clean economy transition.
“Global decarbonization is one of the biggest issues of our time,” said Maxwell. “Representing 8 per cent of global emissions, decarbonizing steel in the most effective way is critical to lowering current global emissions. The Michel Project will provide a differentiated, low scope 1 and 2 emissions input that steel companies will urgently need as they decarbonize over coming decades, and to do so with new standards of environmental and social performance that society demands.”
YQT, Pacific Road Capital and North Coal expect to formalize the terms of the partnership through definitive agreements in the near future and have agreed to advance the Michel Project through the Government of British Columbia’s Environmental Assessment Process and to further project feasibility and implementation plans.
– Article contains information and photo provided by Yaq̓it ʔa·knuqⱡi’it
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