The Yukon Chamber of Mines is applauding the renewed resource royalty deal announced at Monday’s Yukon Forum, As outlined in Tuesday’s Star, the agreement was signed by Premier Sandy Silver and Grand Chief Peter Johnston of the Council of Yukon First Nations.

“The Yukon Chamber of Mines has been lobbying/advocating for revenue royalty sharing with First Nations since 2014,” chamber president Sue Craig said Tuesday.

“Resource royalty revenue sharing is another avenue in which First Nations can participate in the economic benefits of mineral exploration within their traditional territories.

“We are pleased the Yukon government has honoured its commitment made during the 2016 election campaign to share resource royalties collected by Yukon Government with Yukon First Nations as outlined under Chapter 23 of the Umbrella Final Agreement.”

The agreement announced Monday clarified that the first $2 million in resource royalties received would be split in half between the government and the First Nation.

The government also committed to paying 10 per cent of any additional royalties received, on top of the first $2 million, to the First Nation.

This means that: once the first $2 million in Crown royalty has been received, the Yukon First Nation and territorial government will split the revenues, receiving $1 million each.

Once the Crown royalty hits any additional amount – for example, $20 – the First Nation will receive 10 per cent of this $20 difference – bringing the First Nation’s total to $1 million plus $2, while the Yukon government receives $1 million plus $18.

A one-time payment of $600,000 is to be split amongst the self-governing First Nations that have a Final Agreement.

The mines chamber supported a renewed resource royalty deal for First Nations and lobbied the parties during the 2016 election campaign.

It secured commitments from all three parties on sharing resource royalties with Yukon First Nations.

At the 2016 Yukon Geoscience Forum, Phil Fontaine, the former Assembly of First Nations grand chief, and Dr. Ken Coates delivered keynote addresses to attendees on the importance of meaningful economic participation in resource development by Yukon First Nations by sharing royalties collected by the government with Yukon First Nations.