Thank you, Mr. Chair. Mines in the Northwest Territories or the minerals industry in the Northwest Territories pays a lot more than just royalties. Our fiscal regime is very unique in that we charge rents and other forms of revenue-generating fees to active mines that produce revenue that is used for public purposes outside of that royalty regime. I think that what I learned, at least, and I won't speak too much for committee here, but this is a much larger issue than just royalties. It is how we deal with public benefits by raising revenues from the minerals industry across the board.

If we are going to address this, we need to address all aspects of the system, not just one approach. This is, I think, a sound amendment, because it addresses that and asks that it be an independent review. It is not an in-house review that comes forward in the form of a document that is laid on the floor of the House, but it is actually an independent review that can give a fair assessment and a transparent assessment of the benefits of extractive natural resource industries in the Northwest Territories. I think that that would settle a lot of the questions that people have of the benefits of the minerals industry in particular, and the oil and gas industry as well. It needs to be undertaken, but we have to make sure that it is done right, and that it is done in a way that people aren't going to criticize because it was an in-house review that perhaps doesn't have the best terms attached to it. Clear terms of reference; independent panel; that's the way to go.

I think that we will get answers to a lot of the questions that have been raised. We will get the facts as to how much these industries contribute to our economy and contribute to our government. We can make those adjustments that a lot of people have been calling for over the years and ensure that we have a sound system. I think that there is, again, way too many moving parts here to just confine it to royalties. This process is going to greatly improve on how we manage our fiscal regime if it is done right and if it goes to an independent panel. Thank you.