Yes, Mr. Chairman. The loan guarantee has been approved to Sirius Diamonds, as the Minister has said. The amount initially is up to $5 million with a potential for increase to $10 million. Arctic Diamonds was approved for loan guarantees up to $3.3 million, Detah Cho for up to $5 million. These loans are only approved. The only one that has to date been implemented is the one for Sirius when a memorandum of agreement has been drawn up and approved. This is drawn up by the Government of the Northwest Territories solicitors, and it sets out all of the terms under which the government will provide the guarantees. They are quite stringent. They fall just short of requiring a first-born son, but they are extremely stringent in how they are set out to protect the interests of the government. Thank you, Mr. Chairman.
Charles Dent on Committee Motion 25-13(7): Resurrecting And Priorizing The Northern Accord Proposal
In the Legislative Assembly on April 29th, 1999. See this statement in context.
Committee Motion 25-13(7): Resurrecting And Priorizing The Northern Accord Proposal
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
April 28th, 1999
Page 449
See context to find out what was said next.