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Ponzi Scheme-like Tactics Found at the Core of Canadian Mining Operations; Alaska-Canada Transboundary Watersheds at Stake – Alaska Native News

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Ponzi Scheme-like Tactics Found at the Core of Canadian Mining Operations; Alaska-Canada Transboundary Watersheds at Stake – Alaska Native News


Washington D.C. – A vital ecological area shared by British Columbia (B.C.) and Southeast Alaska faces escalating pressure from Canadian gold mining exploration companies propelled by the obscure, Ponzi scheme-like “Prospect Generator Model (PGM).” The latest investigation titled Bad Prospects, by the Environmental Investigation Agency (EIA) uncovers a web-like network of more than 450 Canadian companies currently linked through the PGM, focused on claims staking and mining exploration across a transboundary watershed region known to the mining industry as the “Golden Triangle.” These “prospect generators” are mining not gold as much as “mining” retail investors and uniquely Canadian tax benefits.

The EIA estimates that 20% of all B.C. mining claims in the province are located in this transboundary watershed region. Over 80% of these B.C. claims are within five kilometers of a river or stream, about 18% of claims are on top of glaciers, and over 100 B.C. mining projects are in some phase of exploration, proposal or operation in this region. These mining companies rely on a continuous stream of funds from smaller investors to pay handsome executive salaries, dig hundreds of kilometers of holes, build infrastructure such as roads, bridges, and camps along fragile ecosystems like retreating glaciers and wild salmon habitat, and establish joint ventures and option agreements with other companies. Mining-friendly laws like the colonial B.C. Mineral Tenure Act and incentivizing tax policies in Canada and B.C., like Flow-through Shares and the Mineral Exploration Tax Credit, have yielded C$500 million in forgone taxes annually and make this salmon-rich region a particularly attractive place for mining executives and major investors to deploy this financial approach as part of a new speculative gold rush.

The hope of retail investors is that one of these prospects will one day become a highly profitable mine, meaning large financial returns. However, according to the Association for Mineral Exploration, only one in 10,000 claims becomes an operational mine, which means average investors, Canadian taxpayers, Indigenous peoples, rural residents, and U.S. communities and economies downstream are left shouldering the financial and environmental risks and costs of the Prospect Generator Model and B.C. gold mine exploration. Meanwhile, a small cohort of distant mine owners and major investors get rich while carrying almost no risk. Such imbalance distorts the risk-to-reward ratio and raises questions about the long-term financial sustainability for investors and the social responsibility of mining enterprises. For ten years, Alaska Tribes, municipalities, commercial fishermen, lawmakers, and tens of thousands of U.S. and Canadian citizens have expressed concern about Canada’s industrialization and pollution of shared wild salmon rivers. Two large-scale B.C. mines with tailings dams currently operate and one abandoned B.C. mine has been polluting for over 65 years in the region. Alaska Senator Lisa Murkowski recently wrote to President Biden urging the U.S. to not support any mine in Canada until the calls of Alaska Tribes and communities for international watershed protections are addressed.

“The prospect generator model in the transboundary region serves to move risk that should be private onto the public, and public taxpayer funds into private hands,” said CT Harry, EIA Senior Ocean Policy Analyst.

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Given the myriad adverse social and environmental impacts perpetuated by the PGM and the lack of benefits to all but a few, Canada’s incentivization of new gold exploration projects with big tax breaks for mine proponents in the Alaska-B.C. transboundary region signals a lack of international collaboration and action on major climate and environmental issues.

There is growing consensus that global gold stocks are more than adequate, with over 90% of newly mined gold used for jewelry or bullion, not renewable energy production. Moreover, irreversible impacts to Indigenous communities and this biodiversity hotspot are increasing and researchers predict thousands of kilometers of new wild salmon habitat will emerge here this century as glaciers melt — if they are not first dug up for mine exploration and development. In light of these challenges, it is imperative to revise or terminate British Columbia and Canadian policies that foster PGM-driven exploration and to enforce regulatory changes that prioritize Indigenous rights and environmental protection.

Read the full report and recommendations.

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Anchorage celebrates Juneteenth with 3-day community event downtown

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Anchorage celebrates Juneteenth with 3-day community event downtown


The crowd reacts to a performance at the Juneteenth Citywide Celebration at the Delaney Park Strip in Anchorage on Friday, June 19, 2026. (Chris Bieri / ADN)

Anchorage is commemorating Juneteenth with dancing, music and celebrations of Black excellence and culture this weekend.

The citywide Juneteenth celebration also includes opportunities for education, community gathering and reflection, and features vendors and guest speakers. The event kicked off Friday and continues from 1 to 6 p.m. Saturday and Sunday on the Delaney Park Strip.

A dancer performs during the Juneteenth Citywide Celebration at the Delaney Park Strip in Anchorage on Friday, June 19, 2026. (Chris Bieri / ADN)
A young drummer performs during the Juneteenth Citywide Celebration at the Delaney Park Strip in Anchorage on Friday, June 19, 2026. (Chris Bieri / ADN)
Tragil Wade, an entrepreneur, author and inspirational speaker, takes the stage at the Juneteenth Citywide Celebration at the Delaney Park Strip in Anchorage on Friday, June 19, 2026. (Chris Bieri / ADN)

Tragil Wade, an entrepreneur, author and inspirational speaker who is the big sister of former NBA great Dwyane Wade, was Friday’s special guest.

Saturday’s festivities, spotlighting the theme “Community and Culture,” kicked off with a freedom rally and parade. Saturday also features a youth segment, hip-hop dancing, community line dancing, multiple DJs and a performance from Soul Society.

“Faith and Family” is the theme for Sunday’s festivities. There will be a special Father’s Day opening at 1 p.m., a praise cardio session on the grass and an HBCU gospel segment. The afternoon will close with a community praise dance.

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Juneteenth commemorates the day that the last slaves in the Confederacy were informed of their freedom following the Emancipation Proclamation on June 19, 1865. Long celebrated by Black Americans, Juneteenth became a federal holiday in 2021. In 2023, the Anchorage Assembly made Juneteenth an official city holiday, and in 2024, the Alaska Legislature passed a bill to designate Juneteenth as a state holiday.

Members of the crowd cheer during a performance at the Juneteenth Citywide Celebration at the Delaney Park Strip in Anchorage on Friday, June 19, 2026. (Chris Bieri / ADN)
A young drummer focuses during a performance at the Juneteenth Citywide Celebration at the Delaney Park Strip in Anchorage on Friday, June 19, 2026. (Chris Bieri / ADN)





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Pilot dies in small plane crash southeast of Cordova

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Pilot dies in small plane crash southeast of Cordova


A pilot was killed in a plane crash in mountainous terrain near Cordova, Alaska State Troopers said Friday.

The agency was notified of the overdue Piper Pacer around 8 p.m. Thursday, troopers said in an online post. The pilot was believed to be the sole person on board the aircraft, which was thought to be flying between Yakutat and Fairbanks, troopers said.

Aircraft from the Alaska Air National Guard and Alaska Wildlife Troopers started searching for the plane, and a Guard helicopter crew found the overdue Piper Pacer around 4 p.m. Friday where it had crashed near Kanak Island, about 40 miles southeast of Cordova, troopers said.

The pilot, whom troopers did not identify, was found dead in the crashed plane, troopers said. His body was take to the State Medical Examiner Office in Anchorage for autopsy and positive identification, according to troopers.

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Troopers said the pilot’s next of kin and the National Transportation Safety Board were notified.





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It’s the Alaska Legislature’s last day in special session. Here’s the latest.

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It’s the Alaska Legislature’s last day in special session. Here’s the latest.


The Alaska Senate plans to vote today on a new draft of a bill that would reduce taxes on the Alaska LNG project. It’s the last day of a special session Gov. Mike Dunleavy called to consider the issue.

Dunleavy and pipeline developer Glenfarne, which owns a 75% stake in the project, say a measure replacing a 2% annual property tax with a much smaller tax on gas throughput is essential to allowing the project to attract investors and court lenders. Dunleavy and Glenfarne applauded the version of the bill that passed the House a week ago.

The Alaska LNG project, estimated by the developer to cost up to $54.5 billion, includes an 807-mile pipeline, a conditioning facility on the North Slope to remove gas impurities such as carbon dioxide, and a liquefaction plant on the shores of Cook Inlet to export the gas to Asia. The project would be split into two phases: first, a shorter in-state pipeline to provide gas to Alaskans, and then the much more expensive — and much more lucrative — export infrastructure.

The Senate’s new draft retains many of the House’s provisions with some important changes.

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Perhaps the most significant changes are to the project’s timeline: to be eligible for tax relief, the developer must commit to a final investment decision for the first phase by Jan. 1, 2028, and construction of the in-state pipeline would need to be complete by the end of 2032.

The House’s version required only that construction begin by Jan. 1, 2032.

The faster timeline is an effort to address Southcentral’s looming shortage of natural gas, said Sen. Bert Stedman, a Sitka Republican and a co-chair of the Senate Finance Committee. The Department of Natural Resources’ production forecast envisions demand outstripping Cook Inlet gas production by 2032, requiring producers to dip into storage.

“There’s been a lot of concern out of the Railbelt with the declining volume in Cook Inlet,” Stedman said.

But the more aggressive timeline sparked concerns from minority Republicans on the committee; it increases the risk on an already risky, marginal project, they said.

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“That’s very damaging,” said Sen. Mike Cronk, a Tok Republican and the Senate minority leader. “There’s so many factors that we don’t control.”

Putting a “hard construction date” in the bill may be a “poison pill,” Cronk said.

Glenfarne and Gov. Mike Dunleavy did not immediately respond to requests for comment on the new version of the bill.

Stedman suggested future legislatures could revise the date to account for “unforeseen black swan events.”

“We can change these and modify these going forward,” Stedman said. “This is not in the Constitution, so I think there’d be some consideration under good faith trying to get the project constructed.”

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The tax rate at the heart of the bill — the so-called alternative volumetric tax on gas flowing through the pipeline from the North Slope to Southcentral Alaska — would be fixed, rather than a weighted average tied to the cost of each component of the project.

The Senate draft sets the tax initially at 6.2 cents per 1,000 cubic feet of gas throughput, starting five years after gas begins to flow through the pipeline. The tax would take effect sooner if throughput reaches 500 million cubic feet per day, which is more than double what Southcentral Alaska uses now.

The tax would rise to 10.6 cents per 1,000 cubic feet once Phase 2 of the project, which includes the liquefied natural gas export facility, is up and running. The tax revenue from that mirrors what the Department of Revenue estimates the weighted tax that passed the House would yield.

The rates would rise between 1% and 3% each year, depending on inflation.

The House backed 30-plus years of tax breaks. Some senators were skeptical of that, so their version doubles the tax rate ten years after exports begin, then doubles them again in 2060.

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The new bill retains key conditions for the tax relief included in the House’s version: the developer must commit to building a spur line to Fairbanks and negotiate project labor agreements with unions. It also includes up to $80 million in community impact funding for municipalities: $40 million due shortly after the final investment decision for each project phase.

It also includes House-passed price controls on in-state gas. Utilities would pay no more than $16 per million British thermal units, adjusted for inflation. That’s roughly $16.60 per 1,000 cubic feet, substantially higher than current Southcentral gas rates — about $10 — but likely cheaper than imported gas, according to Southcentral’s gas utility.

Also notable is an omission from the bill. It does not include a measure that had been under discussion that would subject large so-called S corporations and other pass-through entities in the oil and gas business, like LLCs, to the state’s corporate income tax.

Glenfarne, in its only comments so far on the new bill, urged lawmakers not to include that tax in the final version.

“If the Senate passes a bill with the proposed S Corp tax, it will introduce major hurdles for Alaska LNG to secure the right financing to build the project,” the company said in a statement provided by spokesperson Tim Fitzpatrick.

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Senators are due to amend the bill and take a final vote later today.

The special session expires at midnight tonight, but Gov. Mike Dunleavy has already signed a proclamation calling another special session to begin Saturday.

Asked whether the new special session represented a contingency plan in an event the bill failed to pass, Dunleavy spokesperson Jeff Turner declined to say.

“We will see what happens,” Turner said.

This is a developing story. Check back for updates.

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