HAY RIVER, Northwest Territories (October 11, 2022) The Northwest Territories Power Corporation (NTPC) and Osisko Metals are pleased to announce that they have signed a Memorandum of Understanding (MOU) that outlines the process of negotiating power connection to the Taltson hydroelectric grid and power purchase agreements.
The MOU will allow both parties to explore, discuss and establish mutually agreeable arrangements through which NTPC can supply and sell hydroelectric power and how Osisko Metals can purchase this electricity and any related services for use at the Pine Point Project site. The sale of excess electricity generated at the Taltson Hydroelectric Facility will be a significant part of the discussions. Depending on the time of year, available capacity from Taltson facility ranges from approximately 3.5 megawatts to 8 megawatts.
The MOU does not commit either party to a power connection agreement but does provide a framework to continue the informal discussion between NTPC and Osisko Metals that has been underway over the past several years.
NTPC is a wholly owned subsidiary of NT Hydro, which in turn is 100 percent owned by the Government of the Northwest Territories.
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space.
Quote (s):
“The Government of the Northwest Territories is optimistic about the potential to welcome a new industrial customer in the South Slave to utilize excess capacity from the Taltson Hydroelectric Facility. The Memorandum of Understanding between NTPC and Osisko Metals is a positive sign of future economic growth, benefiting all residents.”
Diane Archie
Minister Responsible for the Northwest Territories Power Corporation
“NTPC is committed to being the power provider of choice in the NWT and we look forward to advancing discussions with Osisko Metals on how we can support their efforts to bring the Pine Point Project back into operation. A potentially new industrial customer in the South Slave using the Taltson system’s excess hydroelectricity capacity will help to moderate electricity rates for all customers.”
Cory Strang, President and CEO
Northwest Territories Power Corporation
“The Pine Point Project would require additional power when production begins, currently projected to be in 2028. The potential to access clean hydropower is an attractive opportunity that we want to explore further with NTPC. Our preference is to find ways to maximize the consumption of hydroelectric power, thereby reducing the Project’s carbon footprint and reducing operating costs.”
Jeff Hussey, President and COO
Osisko Metals Incorporated
Media Contacts:
Jeff Hussey
President and COO
Pine Point Mines Ltd.
Tel: 514-513-6710
Email: jhussey@osiskometals.com
Doug Prendergast
Manager, Communications
Northwest Territories Power Corporation
Tel: 867-874-5202
Email: dprendergast@ntpc.com
