Fort McKay First Nation (FKFN) and Mikisew Cree First Nation (MCFN) have partnered with Suncor to buy a 49 per cent interest in Suncor's East Tank Farm Development for total proceeds of $503 million. The deal, which was finalized on November 22, will deliver revenues to each First Nation for 25 years, helping them make improvements to community infrastructure.
"The deal represents the largest business investment to date by a First Nation entity in Canada, and not only demonstrates the great potential for partnerships between First Nations and industry but serves as a model for how First Nations can achieve greater self-determination through financial independence," said Jim Boucher, Chief of FMFN in a press release.
"This deal is built on a foundation of trust and collaboration between Fort McKay and Suncor; this is an example of how First Nations and natural resource development companies can find ways to support each other for the mutual long-term benefits," added Boucher.
Archie Waquan, Chief of MCFN said: "The economic benefits generated from this deal will help our Nation build capacity within our businesses, develop infrastructure in our community, fund social economic programs, and provide us with the means to help pay for education and training for our youth. This will be felt in our community for generations to come."
"This unique partnership has been part of a journey that demonstrates how innovative thinking and collaborative spirit can result in a mutually-beneficial opportunity and it has changed the way Suncor thinks about how our Aboriginal neighbours may participate in energy development," said Mark Little, president, Upstream, Suncor.