Kitikmeot Corporation congratulates North American Construction Group on Acquisition of 49% of Nuna Logistics
CAMBRIDGE BAY, NU (Sept 19, 2018)
Kitikmeot Corporation (“KC”) is pleased to congratulate North American Construction Group (“NACG”) for its successful acquisition of a 49% ownership interest in Nuna Logistics Limited (“Nuna”), which was previously held by the Nuna Management Group (2835875 Canada Inc). Kitikmeot Corporation is majority-owner of Nuna, holding a 51% ownership interest in the company.
Nuna Logistics Limited is the largest Indigenous-owned heavy civil construction and contract mining operator in Canada. Since its establishment in 1993, the company has been significantly active at some of northern Canada’s most important projects, including the Diavik and Ekati diamond mines, the Tibbett to Contwoyto Winter Road, and the Hope Bay Gold Project. Over the years Nuna Logistics Limited has developed numerous successful joint ventures with Inuit, First Nation and Métis businesses across Canada.
In recognizing this significant corporate transaction, Stanley Anablak, Chair of Kitikmeot Corporation and President of the Kitikmeot Inuit Association noted, “This acquisition by North American Construction Group is a welcomed development in the evolution of our Inuit majority-owned company. I want to acknowledge the years of dedication that Mervyn Hempenstall (Chairman, President and Chief Executive Officer), Court Smith (Executive Vice President), Pamela Alloway (Vice President and Chief Financial Officer), and Pat McHale (Operations Manager) have given. Although it will mean that some long-term friends and allies of the Kitikmeot Inuit will no longer be involved in Nuna’s operations going forward, we thank you for helping to build an Inuit business success story.”
Concerning the acquisition, Kitikmeot Corporation President and CEO, David Omilgoitok stated, “This is a very exciting moment for the KC Group of Companies. North American Construction Group’s ownership stake in Nuna will increase the reach and scale of our company’s capabilities. This new partnership will be of great benefit to our clients as we will now have access to a company with over 60 years of experience in heavy construction and mining services. We look forward to diversifying the markets Nuna works in while continuing our role in building mines and other major civil works across Canada for many years for come.”
KC is the ‘business arm’ of the Kitikmeot Inuit Association (KIA) and has responsibility for developing business opportunities that support the Kitikmeot region’s economy. KC has established a number of business subsidiaries and joint venture partnerships in a range of sectors including: mining, mineral exploration, construction, transportation, travel services, and real estate ownership and management. Through its investments, KC has been able to achieve profits while generating training and employment opportunities for the Inuit of the Kitikmeot region. For more information, please visit KC’s website at: http://www.kitikmeotcorp.ca/
The KC Group of Companies
The KC Group of Companies is a brand identity representing KC and the 20+ subsidiaries, partnership companies, and unincorporated joint ventures that KC has established. Some companies within the KC Group are focused on contracting opportunities in the northern mining sector, especially on projects that KC’s sole shareholder, the Kitikmeot Inuit Association, has negotiated Participation Agreements or Impact and Benefit Agreements with. This includes the Hope Bay Project (TMAC Resources), the Ekati Diamond Mine (Dominion Diamond Corporation), and the Diavik Diamond Mine (Dominion Diamond Corporation/Rio Tinto Group).
For further information, please contact:
Director, Business Relations