Floyd Roland

Thank you, Mr. Chairman. Again, as I had stated earlier, there’s a very fundamental question here about what’s being said here in the public forum. Even in committee, if Members, if any Member has information, credible information of deficiencies by people who are ready to put their status on the line, then do that. Let’s deal with the issue. But to continue to wave a flag about and make these comments is very dangerous to the professional credibility of all people.

We have a new project team, Associated Engineering, who is going to take over this and do the audit and provide that information...

The process with the lenders, one, has unfortunately gone the track it has. Where we felt we had some flexibility, we came forward and requested the $15 million in our last sitting. We got that approval and then we were informed by the lenders that they are requesting us to assume the debt. With that in mind, that has now put us into this scenario. When it comes to repayment, the repayment structure is in place. If we want to repay earlier, there is going to be a penalty. We’d have to weigh those.

At some point, as I was speaking earlier to the markets that are out there on real bonds in that...

Thank you, Mr. Chairman. From the projections and the schedule that was attached to the concession agreement, after five years I believe we’d be looking at $155 million.

As this scenario developed and as we went to Members highlighting the concerns that we had, by not taking any action there would be immediate impact on the Government of the Northwest Territories when it comes to our debt wall. By taking the steps we have and getting confirmation from the federal Minister of Finance, Minister Flaherty, to work with us in dealing with this debt around this project short-term relief we’ve been able to work through this scenario where there will not be an immediate impact.

As I was responding earlier to Member Bromley, there would be an impact in a sense of our...

I’ll speak to the first part of that, and Ms. Melhorn can go towards the fiscal strategy that they laid out and presented to Members.

The timelines, as we’ve looked at it, we’re okay in the ’10-11 fiscal year. The ’11-12 year becomes problematic without the relief; ’12-13 becomes an issue, as well. But a five-year relief allows us the flexibility to then get back into a normal pattern, the cash demand is down, there is no impact. But let’s fully recognize that even we, as the 16th Assembly, when we came into office, without accepting any further debt, we we’re talking about tightening our belts...

Thank you, Mr. Speaker. Mr. Speaker, as I stated earlier, through the environmental review process additional information was requested. That information was gathered and supplied to the review board around alternate sites. We go from $70 million to as high as $200 million, depending on the different scenarios that we’ve looked at: across-the-lake, underwater cable and so on. Substantially more expensive than what’s in place today. Without a business case, without a customer at a kilowatt hour, there is no project unless this government itself decides to pay the additional cost for going...

Mr. Chairman, our request has been for a five-year relief on this. We’re, again as I said, the finance staff from Ottawa and our staff are in discussions. We’re trying to get as much information as possible for what Minister Flaherty is prepared to bring forward to his Cabinet colleagues. Thank you.

Mr. Speaker, one of the things we have to realize and recall, even the previous decisions made by the mines because of the economic downturn was they shut down for a number of months because of the cost of running their operations, and that takes into fact the cost of running their facilities in a remote location. Our plan would provide for power at a cheaper rate, thereby expanding mine lives, for example, or allowing a new mine to be developed, because one of the things that the shareholders of a mining operation have to take into consideration is the overall cost of doing business in the...

Thank you, Mr. Chairman. Just very briefly, Mr. Chairman, when this issue first came up I approached the Finance Minister. I had to call, had a commitment to work on a relief project specific and at that point then followed up with committee and informed Members, as I have done here, that we developed a proposal that looked at five years. That’s what’s in front of them. We don’t know what they’re going to respond with, but I just felt that I needed to put that down as well, just for comment. Thank you.

Thank you, Mr. Chairman. Again I’d have to refer to the Minister of Finance as to that level of detail and if it’s been shared. I’m not familiar with it. I’ll go to Ms. Melhorn as to some additional information. I guess I’d have to refer to again the Minister of Finance and his staff to see if that is a meeting that can be arranged to provide that if it hasn’t been on that basis. The simple fact is the Member is saying he does not trust what he’s being presented.