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Volume 2023 , August Summer Edition
Published by NANA Regional Corporation , Inc .
Message from the President & CEO
John and Hendy Ballot visiting during during the Selawik annual meeting festivities . our annual dividends to shareholders and increasing our spending on regional and shareholder programs . Dividends and programs are currently funded exclusively by income from business operations so all Red Dog royalties can be committed to the NRC Shareholder Trust to be used for shareholder dividends . development is made from a position of strength . The board has been clear that they will not even consider allowing the road to move forward on our land unless we secure solid legal assurances that our conditions will be met , beyond simply relying on the state and federal permitting process .
Dear Shareholders ,
I hope you and your families are enjoying a warm and bountiful summer . It has been nice to see pictures of friends and family picking berries , fishing and boating with loved ones , and enjoying the beautiful land we are blessed to call home .
This edition of The Hunter includes updates on shareholders of all ages celebrating milestones and working hard to do good things for their lives and their communities . We also have important updates on NANA ’ s strategic initiatives , namely the critically important shareholder trust beneficiary vote , which ends Sept . 27 , and the successful completion of NANA ’ s first
PRSRT STD U . S . Postage
Anchorage , AK
Permit No . 444 corporate acquisition in many years , the purchase of Pinnacle Solutions by our subsidiary Akima .
In setting the strategic direction for our company , the NANA Board of Directors looked to the future and asked , “ What is the most significant factor in the next 5 to 10 years that will impact our company , our region and our shareholders ?” The answer is clearly the impending closure of Red Dog Mine in only eight years . Red Dog has historically provided most of NANA ’ s income . It accounts for most shareholder jobs and wages from NANA companies and partners , and it funds 80-90 % of our Northwest Arctic Borough government . The cumulative impact of Red Dog on the lives of shareholders cannot be overstated . Nine hundred shareholders , spouses or descendants are employed at Red Dog annually , last year earning over $ 55 million in wages . Unless new developments at Red Dog move forward soon , we expect to see significant layoffs beginning in 2029 and accelerating into full closure in 2031 .
Knowing our shareholders and region face such a major threat to our income and livelihood , NANA ’ s board of directors has set us on a course to invest and prepare for the future . This strategic direction involves three primary components ; one , advance the exploration and evaluation of new developments at Red Dog and the upper Kobuk ; two , establish a shareholder permanent fund to ensure reliable dividends after the closure of Red Dog Mine ; and three , reinvest a portion of business earnings to double our income from operations by 2031 .
We are executing these initiatives while at the same time significantly increasing
We are also pleased to provide the results of our recent shareholder survey in this Hunter . On behalf of NANA ’ s board of directors and our employees , I want to thank all of you who responded to the survey . When you work as hard as we do , nothing means more than hearing directly from the people you love and serve . Overall , 86 % of shareholders are pleased with the direction of NANA , which is up from 66 % in 2015 and 78 % in 2019 .
The shareholder survey also provided important feedback on critical issues , such as the proposed Ambler Road . The results clearly demonstrate that NANA shareholders are split on the question of supporting or opposing the Ambler Access Project , with roughly a third supporting the project , a third opposing the project and a third unsure . If NANA ’ s conditions are met , a majority ( 53 %) of shareholders do support the project . These results align with the feedback from shareholders that our board and management team has received in recent years . We have shareholders , including Elders , who oppose the project and we have shareholders , including Elders , who want NANA to do more to support the project .
Our board continues to take a measured , responsible approach to evaluating the Ambler Access Project . The direction management is taking to build our company is to make sure that any decision we make on infrastructure and resource
Like our ancestors , we are living in a changing world . Every generation of Iñupiat must confront and overcome the challenges of their time . As we continue to persevere and maintain our culture and way of life — while simultaneously achieving extraordinary success in the business world — my confidence in our future and our momentum continue to grow . Thank you all for your interest in our company and your support and encouragement as we build a successful future together .
Please do what you can to encourage the shareholders in your life to help establish the NANA permanent fund by voting in the shareholder trust beneficiary vote .
If you ’ ve lost your ballot packet or didn ’ t receive one , all you need to do is call ( 907 ) 677-3320 , Monday through Friday , between 8 a . m . and 5 p . m ., and ask for your shareholder ID and voting PIN to vote online at nanavote . net . You may also mail the hard copy ballot received in the mail by using the prepaid return envelope , email your ballot to Sramek-Hightower , CPAs , at chelsi @ sh-cpafirm . com or fax it to Sramek- Hightower , CPAs , at ( 907 ) 561-4341 .
John Lincoln President & CEO
NRC Shareholder Trust
• Vote electronically through nanavote . net .
• Return your paper ballot in the prepaid return envelope that was provided in the voting packet .
• Email your ballot to Sramek-Hightower , CPAs , at chelsi @ sh-pafirm . com .
• Fax your ballot to Sramek-Hightower , CPAs , at ( 907 ) 561-4341 .
NRC Shareholder Trust Beneficiary Vote
“ I voted yes . I will be gone but my lineage lives on , my tutiks and amaus and so on .
P . O . Box 49 Kotzebue , AK 99752
Aquliksravut tuuq ikaiyuqtaksragigivut . We have to help our future shareholders too .”
– Barbara Atoruk