New Legacy Fund Shares Benefits from Uranium Mining with Northern Communities
April 11, 2016
Saskatoon, Saskatchewan, Canada, April 11, 2016 –
Community leaders from across northern Saskatchewan, Cameco, and AREVA Resources Canada Inc. have established a legacy trust fund that will provide funding for community projects for decades to come.
Six Rivers Fund, an independent non-profit corporation, will support projects and initiatives across the northern administration district (NAD) that focus on youth, education, sports, recreation and health and wellness.
“We are building something for the future,” said Six Rivers Fund board chair Victor Fern. “This is something that will continue to grow and has potential to deliver benefits far into the future beyond the life of the mines.”
The Six Rivers Fund will make community investments using the interest from a trust funded by Cameco and AREVA with proceeds from uranium recovery at the Key Lake operation. Funds available for community investment will be limited in early years as capital builds within the trust. The Six Rivers Fund has $100,000 available for community projects in 2016. Recognizing the legacy nature of the fund, in consultation with northern leaders, Cameco and AREVA have set an aspirational goal for the fund to reach $50 million in the decades ahead.
The Six Rivers Fund reflects a new approach to sharing the benefit of resource development with local communities. The fund was developed with leaders from across the north representing First Nations, Metis and municipalities. The fund’s governance structure includes representation from all regions in decision making and favours initiatives with pan-northern benefit.
“The uranium mining industry delivers tremendous benefit to the people of northern Saskatchewan now through employment, training, business development and community investment,” said Tim Gitzel, president and CEO of Cameco. “The trust provides a lasting source of funding for initiatives and puts northerners in control to direct the funding to where it can do the greatest good based on their own priorities.”
“The Six Rivers Fund is truly one of a kind,” said Vincent Martin, president and CEO of AREVA Resources Canada. “It demonstrates the commitment of our companies and the northern communities to build upon our long-standing relationships to ensure the continued positive growth of the north, and in particular its youth.”
All project funding decisions will be made by the four-member board of the Six Rivers Fund, which will have representation from all regions of northern Saskatchewan. Initial board members are Victor Fern of Fond du Lac (chair), Angie Merasty of Pelican Narrows, Isidore Campbell, an English River First Nation member from Beauval, and William Dumais of Southend.
The Six Rivers Fund will begin receiving applications from community organizations this year. Funding applications will be reviewed by the Six Rivers board in the spring and fall of each year. Eligible projects must secure a minimum of 25% of their funding from other sources and applicants must be able to demonstrate capability to complete the project. More information on the eligibility of projects and organizations and how to apply is available at SixRiversFund.ca.
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
AREVA Resources Canada
AREVA in North America combines Canadian and U.S. leadership to supply high added-value products and services to support the operation of the nuclear fleet. Globally, AREVA is present throughout the entire nuclear cycle, from uranium mining to used-fuel recycling, including nuclear reactor design and operating services. AREVA is recognized by utilities around the world for its expertise, its skills in cutting-edge technologies, and its dedication to the highest level of safety. Through partnerships, the company is active in the renewable energy sector. AREVA’s 4,100 North American employees are helping build tomorrow’s energy model: supplying ever safer, cleaner and more economical energy to the greatest number of people.