BBNC Educational Foundation Sells Its Donated Northern Dynasty Minerals Stock
The Education Foundation of the Bristol Bay Native Corporation has sold its donated stock in the company that’s seeking to develop the proposed Pebble Mine. Back in early April the major mining company Rio Tinto divested itself of its 19-percent interest in the proposed Pebble Mine.
To the surprise of nearly everyone, the company gave its stock investment to two non-profit organizations. The Bristol Bay Native Corporation’s Education Foundation was one of the recipients of the Northern Dynasty Minerals stock. They received about 9-million shares.
The Foundation announced the sale of that stock on Friday for over $6.4-million. The sale was apparently completed on June 10th. The money will be used to support the Foundation’s scholarship programs and will also be used to develop a cultural heritage program.
The Foundation’s Executive Director released a statement Friday noting that occupations that require higher levels of education and training are growing and the costs to attend post-secondary training are increasing She also pointed out that more and more BBNC shareholders are applying for scholarships through the foundation.
The Bristol Bay Native Corporation’s Education Foundation was created back in 1991 and it’s overseen by a Board of Directors that is separate from the Board that controls the Bristol Bay Native Corporation. The Foundation only serves BBNC shareholders or their relations.
The other 9-million shares of Northern Dynasty Minerals stock was given by Rio Tinto to the Alaska Community Foundation for the creation of a new workforce development initiative called the “Vocational Fund for Alaska’s Future.” That fund has a goal of supporting programs to train Alaskans for careers in mining. That includes new training programs. ACF currently holds over $70-million over 300-different funds.