The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Will share 3% of mine profits to area residents who sign up North of 60 Mining News – June 19, 2020
Many Bristol Bay residents worked at Pebble during the exploration of the copper-gold-molybdenum deposit. In addition to more jobs during the construction and mining stages, the Pebble Performance Dividend will allow Bristol Bay residents to share in the profits from a future Pebble Mine.
Pebble Partnership has announced the creation of the Pebble Performance Dividend to distribute a percentage of the revenue generated from the operation of a mine at Pebble to year-round residents of Bristol Bay.
"When we rolled out our new, smaller mine plan in 2017, I made a commitment to find a way to share the opportunity Pebble represents with the residents of Bristol Bay. While not everyone will want to work at the mine, this ensures a direct way for everyone to participate," said Pebble Partnership CEO Tom Collier. "Whether a resident supports the project, opposes it, or is neutral, anyone who is a year-round resident can participate. However, year-round residents who want to share in this opportunity must register their interest."
Pebble Partnership has created a web portal for Bristol Bay residents to register and learn more about the opportunity – https://www.pebbledividend.com/.
Once fully operational and profitable, Pebble Performance Dividend will distribute 3% of the net profits from the mine to registered Bristol Bay residents.
As the first several years of development will not yield profits, Pebble Partnership will contribute $3 million dollars annually for distribution to all registered participants. Thus, if 3,000 residents register, the dividend will distribute $1,000 dollars to qualified participants once construction begins.
Residency, governance, and distribution will be overseen by an advisory board comprised of well-known Alaskans John Shively and Willie Hensley, along with residents from the region.
All Bristol Bay residents who register via the web portal before July 31 will be eligible for a drawing for an annual early Pebble Performance Dividend beginning this year and payable through the start of construction. Five early dividend winners will be chosen from the group of eligible participants registered by the end of July. The web portal will remain open for registration until Aug. 31.
"Developing a mine at Pebble will provide jobs, economic activity, local tax revenue and infrastructure. Today we are adding one more way residents of the region can directly benefit from Pebble via our revenue sharing plan," said Collier.
The Pebble Partnership CEO further noted that federal permitting is nearing conclusion with a Final Environmental Impact Statement and Record of Decision from the U.S. Army Corps of Engineers expected this summer.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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