What's New

Backgrounders / Investment

The Inuit of Nunavik have received various payments since the 1970s as compensation arising from a number of agreements with governments and corporations for activities having an impact on the territory of Nunavik. Makivik Corporation, created as part of the James Bay and Northern Québec Agreement, was given the mandate to administer these funds. The compensation monies received to date exceed $124-million.

Makivik has always treated these compensation monies as a "heritage fund" and its financial policies have had the objective of ensuring that these funds are available for future generations of Inuit. Criteria for investments have been established under the guidance of an Investment Review Committee consisting of elected members of the Makivik Executive, representatives of the Makivik President, Legal, Economic Development, and Finance departments, and outside investment counsellors. The performance of the fund is monitored on a regular basis, and compares favourably with that of similar funds.

Most of the revenues generated from investments in the money, stock and bond markets over the years have been dedicated to promoting the welfare and advancement of the Inuit and providing social and economic development for the Nunavik region. To that end, Makivik has made donations in cash or in kind to Inuit non-profit and cultural organizations, and has built recreational facilities in each of the Nunavik communities, totalling over $60 million, since inception.

Makivik is directly involved in economic development through the creation of subsidiary companies. The wholly owned subsidiary companies are:

Air Inuit: Nunavik's regional airline was created in 1978. It provides passenger, cargo, and charter services to all Nunavik communities. It employs over 300 people in its various operations.
First Air: A major air carrier in Canada's Eastern Arctic, purchased by Makivik in 1990. It links the North to the South, and the Canadian Arctic to Greenland. First Air employs over 1150 people.
Nunavik Creations: Based in Kuujjuaq, Nunavik Creations Produces Contemporary Inuit Clothing Designed by an Inuk designer.
Halutik Enterprises Inc.: Provides fuel services in Kuujjuaq, as well as heavy equipment rentals, and operates a rock crushing facility to make various grades of gravel.

Makivik Corporation Joint Venture Companies:

Pan Arctic Inuit Logistics Corp. (PAIL) is owned by Makivik Corporation, the Labrador Inuit Development Corporation, Nunasi Corporation, Qikiqtaaluk Corporation, Sakku Investments Corporation, Kitikmeot Corporation, and the Inuvialuit Development Corporation. PAIL is a 50% owner of Nasittuq Corporation with ATCO Frontec Corporation. Nasittuq operates and maintains radar sites which are part of the North Warning System on behalf of the Department of National Defence in Canada and the United States.
Unaaq Fisheries Limited. Owned jointly with Qikiqtaaluk Corporation. Unaaq owns an offshore shrimp fishing license, which is contracted for exploitation by Clearwater Inc., and fished by the M.V. Arctic Prawns and the M.V. Atlantic Enterprise. Makivik also owns a shrimp license, which is contracted to Farocan Inc., and fished by the M.V. Aqviq.
Nunavut Eastern Arctic Shipping (NEAS). Owned 60% by Nunavut Umiaq Corporation, and 40% by Transport Nanuk. Makivik Corporation, Qikiqtaaluk Corporation, and Sakku Investments Corporation each own a third of Nunavut Umiaq Corporation. NEAS provides maritime shipping services to Nunavik and Nunavut communities with the vessels M.V. Aivik, and M.V. Umiavut.
Natsiq Investment Corporation. Makivik Corporation, Qikiqtaaluk Corporation, and Sakku Investments Corporation are each one third owners. Created in March, 1999, the goal of the company is to harvest seals, and develop markets for seal products in Asia and North America.

Cruise North Expeditions

Makivik Corporation recently created Cruise North Expeditions, a new subsidiary that will bring tourist from other nations to our region. Cruise North Expedition has designed its tours to attract people who are truly interested in a Northern experience, and who will be given lots of opportunities during their travels to explore the region and understand more about who we are and what our region is all about.

Each trip is scheduled for one week, with passengers arriving on First Air to Kuujjuaq to board the ship Ushuaia. The ship carries a maximum of 66 passengers with 31 crew members. It is a company operated by and for the Inuit, so the financial benefits of the company's success will be the Inuit's financial success.

Dugald Wells, the president of Cruise North, made his first trip to the Arctic seas in 1983 during a scientific research project. He has returned many times since then and has travelled on the Arctic seas as far as the North Pole. "We are putting together a unique, first-rate program attuned to the expectations and high standards of worldly, sophisticated travelers," says Cruise North President Dugald Wells, a professional engineer and expedition cruise industry veteran who began his career in the Arctic 20 years ago as a research scientist aboard Canadian icebreakers.

"Simply put, we are giving travelers the best of the Arctic while cutting out things they don't want, like extra travel time, at a price that is at least half the competition."

Cruise North Expeditions will offer three Canadian Arctic itineraries - Arctic Explorer, Baffin Adventure and In Hudson's Wake - as well as pre- and post cruise options for small groups for further exploration and adventure in the Arctic including kayaking, hiking and a stay at a wilderness lodge.