World's largest zinc mine boosts Alaska Natives
Monday, November 26, 2007
Filed Under:
Business
|
Environment
The world's largest zinc mine is turning out to be a cash cow for Alaska Native corporations.
The Red Dog Mine is operated by Teck Cominco on land owned by NANA Regional Corp., an Alaska Native regional corporation. After a rocky start, the mine is finally turning a profit. Jobs and revenue have increased since 2005.
High zinc prices have helped too. This year, NANA expects to see $51 million in royalties from Red Dog.
Other Alaska Native corporations benefit as well due to revenue sharing provisions in the Alaska Native Claims Settlement Act. If the price of zinc remains at $1 per pound, they will see about $200 million in profits.
Get the Story:
Natives in for big royalty boost as mine reaches profitability
(The Anchorage Daily News 11/26)
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