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10 Wednesday November 25 2015 INDUSTRY MINING Christian Leadership Training SALT Bible College starts its second term in January 2016 CERTIFICATE AND DIPLOMA PROGRAMS in ministry leadership Call 867-872-8151 and ask for SALT or mail us at SALT co Box 1101 Fort Smith NT X0E 0P0 By CRAIG GILBERT The government of the Northwest Territo- ries hopes to buy low and sell high with its newly acquired North American Tungsten Corporation Ltd. property. On Nov. 16 the Supreme Court of British Columbia approved the sale of the compa- nys property in the Selwyn mountain range in an area straddling the border between Yukon and the Northwest Territories to the GNWT which also acquired lease-holder interests to mineral rights in both the NWT and the Yukon. The property is the worlds largest tung- sten deposit outside of China and will be sold when the price of tungsten rebounds to ensure cost recovery of the purchase as well as any other debt the GNWT may incur throughout the process. Cabinet made an offer on the property in October and approval by the court last Tues- day forced the GNWT to announce the sale during the election period. A spokesperson told the Journal no members of the execu- tive committee would comment on the sale because they are prohibited from speaking as cabinet ministers during the transition period between assemblies. The decision to make the offer to purchase during the election period was required by the pace of proceedings in the BC Supreme Court and was beyond the GNWTs ability to control the statement read. The GNWT was authorized to commit funding for the offer through a Special Warrant that will be re- ported to the 18th Legislative Assembly in a supplementary appropriation bill. Members of the 18th Legislative Assembly will be of- fered a brieng on the decision as soon as possible after it is convened. The warrant was issued by the Commis- sioner on the recommendation of the Finan- cial Management Board that the expenditure was according to the Financial Administra- tion Act urgently required in the pub- lic interest and there was no appropriate or insufcient appropriation to incur the expenditure. Under the devolution agreement the gov- ernment of Canada has assumed responsi- bility for the Cantung Mine. The GNWT will also transfer to Canada the GNWTs rights to the substantial funds held in trust as se- curity in respect of Cantung Mine. The court also extended the stay in NATCs proceedings under the Companies Creditors Arrangement Act CCAA until Mar. 31 of next year authorized certain equipment financers to take possession of certain equipment the company does not require for care and maintenance op- erations and expanded the powers of Al- varez Marsal Canada Inc. the court- appointed monitor. NATC led for court protection under the CCAA on June 9. In July the company sought court approval of a sale and solici- tation process to market and sell the assets of the company but no acceptable offers were received. The tungsten mill at the Cantung mine site was shut down on Oct. 26 according to the company and transition of the Can- tung mine to care and maintenance was expected to be completed on or about No- vember 18. The federal government will fund the companys environmental care and main- tenance activities at the Cantung mine site which will take place under the supervision of the monitor. Kurt Heikkila Dennis Lindahl and Ronald Erickson have resigned from the companys board of directors Heikkila has resigned as CEO and Lindahl has resigned as Chief Fi- nancial Ofcer. The GNWT had three main reasons for acquiring the mineral rights according to a statement To help to assure that Canada would take responsibility for the Cantung Mine To protect and preserve GNWT security interests in the property and To protect the economic potential of the Mactung resource for future sale. The GNWTs offer to purchase the Mactung property was set at a maximum of 4.5 mil- lion but the nal cost is expected to be lower once the value of CCAA related charges have been deducted. According to the petition NATC filed with the B.C. Supreme Court in June the Vancouver-based company has 84.4 mil- lion in liabilities 14 million of which are unsecured and an estimated book value of 27.9 million. It owes around 75.5 million to over 200 creditors. For the six months ended March 31 2015 NATC experienced a net loss of 6.6 million the document states. NATCs cash balances are extremely low and additional or replace- ment nancing will likely be required. By CRAIG GILBERT Albertas new climate change action plan was roundly praised when Premier Rachel Notley released it Sunday Nov. 22. The plan phases coal power generation by 2030 caps oil sands emissions and installs an economy-wide carbon tax of 20 per tonne in 2017 and 30 per tonne in 2018. The tax will be fully reinvested into mea- sures that reduce pollution including clean technology renewable energy and energy ef- ciency and also to provide transition help to individuals and families small businesses Indigenous communities and people work- ing in the coal industry. It will add 300 to the cost of heating a home in its rst year. If the plan is approved renewable energy sources will comprise up to 30 per cent of Al- bertaselectricityproductionby2030.Anover- all oilsands emission limit of 100 megatonnes will be set with provisions for new upgrading andco-generation.Incollaborationwithindus- tryenvironmentalorganizationsandaffected First Nations Alberta will also implement a methane reduction strategy to reduce emis- sions by 45 per cent from 2014 levels by 2025. A portion of collected revenues will be in- vested directly into measures to reduce pollu- tionincludingcleanenergyresearchandtech- nology green infrastructure such as public transitandprogramstohelpAlbertansreduce their energy use according to the province. The plan drew praise from former United States vice president and climate change ad- vocate Al Gore who called it a powerful sig- nal that humanity is beginning to win our struggle to solve the climate crisis. Prime Minister Justin Trudeau tweeted the plan was a very positive step in the ght against climate change. His environment minister Catherine McK- enna was in Edmonton last week meeting with Alberta Environment Minister Shan- non Phillips. Phillips told the Journal the approaches of both previous Conservative governments had failed. Theysucceededingettingapprovalforpre- cisely zero pipelines and they did not succeed in persuading anyone that their approach to the environment was in any way credible she said. So its refreshing to have a partner with whom we can work productively and I further am quite pleased they are going to allow the provinces to chart their own way on this matter. The plan is based on the advice of the Cli- mateChangeAdvisoryPanelledbyDr.Andrew Leachwhichheardfromthousandsofindivid- ualAlbertansandstakeholdergroupsinthefall. CanadianNaturalResourcesLimitedoneof the largest independent crude oil and natural gasproducersintheworldsaidtheannounce- mentwasasignicantstepforwardforAlberta. We appreciate the strong leadership dem- onstrated by Premier Notley and her govern- ment chair Murray Edwards said in a state- ment. The framework announced will allow ongoing innovation and technology invest- ment in the oil and natural gas sector. In this way we will do our part to address climate change while protecting jobs and industry competitiveness in Alberta. Wildrose Opposition Leader Brian Jean said the plan puts a tax on everything and could hurt the economy. ThepartysaidproofthiswillhitAlbertafam- ilies and businesses hard is in the adjustment fund to help small businesses cope. Unlike British Columbia which takes its carbontaxandusesittolowerincometaxesfor all the vast majority of Albertans and Alberta businesseswillonlytakeahitinthisplan.Jean said. This new carbon tax will make almost everysingleAlbertafamilypoorerwhileaccel- erated plans to shut down coal plants will lead tohigherpowerpricesandfurtherjobslosses. Though he approved of the plan in general Liberal Leader David Swann also expressed concern over the adjustment fund. These are the largest question marks that the government needs to provide answers on Swann said. We need to know what the pro- cess will be for this adjustment fund to make sure there isnt undue hardship on lower in- come families and small businesses. Taxpayers take on Cantung mine Mactung property ENVIRONMENT CLIMATE CHANGE Gore calls Alberta climate plan a powerful signal for humanity