CHALLENGES, RISKS, AND STRATEGIES
Section 5 addresses the challenges and risks facing Indigenous communities and businesses. The main risk that exploration companies face is that their projects will be delayed or cancelled, either because results from exploration work are poor, or owing to economic conditions affecting the price of the underlying commodity, to name just two. Indigenous businesses can partially mitigate against this risk by developing governance and managerial capacity to plan effectively, manage debt and assets, and seek out the right strategic partnerships. Efforts to establish strong models of governance will also influence their ability to obtain financing. Other challenges facing communities with aspirations to participate in exploration projects include: § § § §
Lack of awareness of exploration projects and the mineral development industry in general Lack of community assets and skills required to participate in projects Lack of appropriate skills within the community Lack of capital and financing to meet investment objectives
Section 6 identifies several strategies that communities, with the help of companies and government, can utilize to overcome these challenges, and focuses on building strong governance models within Indigenous economic development corporations, seeking out appropriate strategic partnerships, and policy development around land use priorities and community readiness. VARIATIONS ACROSS JURISDICTIONS
Section 7 of the report accounts for variations in Indigenous community experiences with mineral exploration projects across the country, and considers why some communities may be better positioned to capitalize on opportunities associated with the industry than others. RECOMMENDATIONS
Finally, the study concludes with a list of recommendations for governments, companies, and communities, to ensure greater participation of Indigenous communities in current and future exploration projects.
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