Alaska's Pebble rolls out revenue sharing plan for Bristol Bay residents
The Pebble Partnership has announced that it will distribute a percentage of the revenue generated from the Pebble mine, in Alaska, to year-round residents of Bristol Bay.
The Pebble performance dividend (PPD), announced on Tuesday, will distribute 3% of the net profits from the mine to registered Bristol Bay residents.
“When we rolled out our new, smaller mine plan in 2017, I made a commitment to find a way to share the opportunity Pebble represents with the residents of Bristol Bay. While not everyone will want to work at the mine, this ensures a direct way for everyone to participate. Whether a resident supports the project, opposes it, or is neutral, anyone who is a year-round resident can participate,” said Pebble Partnership CEO Tom Collier.
As the first several years of development will not yield profits, Pebble Partnership will ensure a minimum distribution by contributing $3-million a year for distribution to all registered participants. Thus, if 3,000 residents register the PPD will distribute $1 000 to qualified participants once construction begins.
Residency, governance and distribution will be overseen by an advisory board comprised of Alaskans John Shively and Willie Hensley, along with residents from the region.
Year-round residents who want to share in the PPD have to register their interest. Those residents who register before July 31 will be eligible for a drawing for a yearly early PPD beginning this year and payable through the start of construction.
Five early dividend winners will be chosen from the group of eligible participants.
The Web portal will remain open for registration until August 31.
Collier further noted that federal permitting is nearing conclusion with an environmental impact statement and record of decision from the US Army Corps of Engineers expected this summer.
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