- First Nation LP, Newmont (NYSE:NEM) and Orla Mining (TSX:OLA) are partnering on a C$6.6 million development fund for First Nations in Northwestern Ontario
- The capital, to be deployed over a 10-year period, will go towards education, training and skills programs, including a focus on cultural practices and cultural revitalization
- Orla’s Musselwhite mine has produced more than 6 million ounces of gold in the region going back more than 25 years
- Orla Mining stock is up by 3.08 per cent trading at C$14.37 as of 9:45 am ET, adding 131.40 per cent year-over-year
First Nation LP, Newmont (NYSE:NEM) and Orla Mining (TSX:OLA) are partnering on a C$6.6 million development fund for First Nations in Northwestern Ontario.
The funds stem from Newmont, then Goldcorp, covering pre-development costs for Wataynikaneyap Power, one of Canada’s largest Indigenous-led infrastructure initiatives, which is 51 per cent owned by First Nation LP, a partnership comprised of 24 First Nations in the region. Rather than collecting payment for these costs under a promissory note tied to the transaction, Newmont decided to redirect the funds to invest in surrounding communities.
The capital, to be deployed over a 10-year period, will go towards education, training and skills programs, including a focus on cultural practices and cultural revitalization, and will be administered by Opiikapawiin Services, a service organization owned by the same 24 constituent First Nations as First Nation LP.
Orla’s Musselwhite mine, previously owned by Newmont, is located about 500 kilometres north of Thunder Bay and has produced more than 6 million ounces of gold since 1997, including 212,000 ounces in 2024, while retaining 1.5 million ounces in proven and probable reserves and 1.8 million ounces in measured and indicated resources, granting it a mine life management is confident in expanding beyond 2030.
Management commentary
“This fund builds on a long-standing partnership that shows what is possible when we work together with a shared goal of seeing communities succeed,” Eliezar McKay, chair of First Nation LP, said in Monday’s news release. “It ensures that our youths today have the opportunity to gain the education, training and knowledge needed for them to take charge of building a bright and prosperous future. We would like to extend our heartfelt thanks to Newmont Corporation and Orla Mining Ltd. for choosing to contribute to this fund and reinvest in our communities. Through this initiative, we’re creating another avenue for future generations to thrive through lasting change, while ensuring the vision of our Elders and ancestors continues to be carried forth.”
“It is important for Orla to support and contribute to the momentum and priorities established by the member Nations of FNLP,” commented Silvana Costa, chief sustainability officer of Orla Mining. “We are proud to be building on these historic partnerships with Indigenous communities in Northern Ontario and recognize that true partnership means working together with respect, understanding and a shared purpose. The development fund will leverage one unifying project and transform it into the next, and we hope the generation of youth that participate in these new opportunities will in turn be able to do the same. We look forward to being part of this next chapter in the region.”
“Although Newmont has since divested our assets in Ontario, our commitment to lasting, positive impact remains,” added David Thornton, managing director of Newmont Americas. “This investment honours the spirit of partnership that shaped our time in the region and looks ahead—supporting youth, education and Indigenous-led development for generations to come.”
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