Text size

E-mail this column

Business Briefs

Guy Quenneville
Monday, June 23, 2008
Previous columns 

Rents up, and down

Monthly rental costs for bachelor apartments in Iqaluit continue to escalate, according to a new report issued by the Canada Mortgage and Housing Corp.

In 2007, a bachelor apartment netted an average of $1,254, while in 2003, the same type of apartment went for $1,073, an increase of $181.

Monthly rent for two bedroom apartment dropped. Last year, they averaged $2,104, whereas in 2003 they were slightly more costly, going for $2,123.

Company changes hands

A 25-year-old company that distributes fuel, constructs roads and clears snow in and around Rankin Inlet has changed hands.

M&T Enterprises is now co-owned not only by founding shareholder Peter Tatty but also by equal partners Nunasi Corp. and Sakku Investments.

"This will help strengthen M&T's role as a provider of logistical support to the mining industry (particularly Agnico-Eagle's Meadowbank mine north of Baker Lake), which is starting to become M&T's core business," said Fred Hunt, CEO of Nunasi Corporation.

Lost opportunity

A heavy equipment contractor in Fort Providence says the Deh Cho Bridge Corp. and its primary contractor, New Brunswick-based Atcon, are still not giving him a chance to take part in the massive project, even as primary construction of the bridge begins this month and despite a previously-made promise to use as many Fort Providence contractors on the project.

Richard Lafferty Jr. of Flashpoint Facilitators says he has two cranes, a small ferry and a gravel truck that he could be putting to work on the project, but all he has received is a letter from Atcon, with no firm offer to use his services.

"Meanwhile my equipment just sits there and this opportunity just passed my business by," said Lafferty.

MGM signs agreement with Gwich'in

The Gwich'in Tribal Council has signed an agreement with MGM Energy Corp. that will allow the company to search for oil and gas on five parcels of Gwich'in land east of Inuvik. The five parcels total 350 square km.

MGM will have to work out any benefits, access agreements and royalties with the council if they find any oil or gas, according to Fred Carmichael, former president of the council.

"It's encouraging to see some companies take a chance and spend some money in the region even as they wait for the (Mackenzie Gas Project) to get going," said Carmichael.

Zinifex delay a disappointment

Kugluktuk Mayor Allen Niptanatiak says he is disappointed to hear that Zinifex Canada is planning to delay its High Lake zinc and copper mining project 175 km southeast of Kugluktuk.

The company said it still plans to pursue the project, but for now wants to focus on starting the regulatory process on its Izok Lake project.

"It's unfortunate, because it's going to delay some job opportunities that people around here were looking forward to," said Niptanatiak.

Unemployment rate on the rise

The number of employed people in the NWT has declined since last year.

Recent numbers from Statistics Canada indicate that on a cumulative, year-to-year basis, there are 1,080 fewer employed people than this time last year.

In May, there were 1,600 unemployed persons in the territory, an increase of 200 over the previous month. The unemployment rate was seven per cent, compared to 5.4 per cent during the same period last year.

The national unemployment rate last month was 6.2 per cent.