The Edmonton-based family-run company better known for putting roller-coasters and ice rinks in shopping malls has its sights set on finding uranium in northern Saskatchewan.
The Triple Five Group, owners of West Edmonton Mall and Minnesota's Mall of America, announced it has made economic development agreements with seven Saskatchewan First Nations. One of the agreements, with the English River First Nation, will allow the company to look for and develop the uranium resource on the band's "territorial lands" near Slush Lake southwest of the McArthur River mine in the northernmost reaches of the province.
"We are pleased to be able to enter into these agreements with Saskatchewan First Nations," chairman Nader Ghermezian said in a news release. "We believe that these undertakings by Triple Five will be beneficial to the more than 140,000 First Nations members in Saskatchewan and the Saskatchewan economy."
There were no financial terms contained in the release and what form the project will take is unclear. Ghermezian did not return phone calls from The Canadian Press.
Uranium giant Cameco (TSX:CCO) is currently studying the feasibility of developing a mine in the vicinity of Slush Lake on what is known as the Millennium deposit. Partners in that project include the French-based energy company Arvea and the Japan-Canada Uranium Co.
A spokesman for the Saskatchewan Energy Ministry said the province is not aware of any agreements in the works between Triple Five, the English River First Nation and the group of companies currently partnered on the Millennium deposit.
English River Chief Ralph Paul said Triple Five will do exploration on its lands and the First Nation would get a percentage of whatever is found. He said he thinks between 10 and 15 per cent would be a fair cut, but terms are still being negotiated.
"They know what they are doing," Paul said. "It will help in health, education, housing and programs like that and also to give hope to our young people so that they can have something to look forward to."
Triple Five was founded by Jacob Ghermezian, who came to Canada from Iran with his sons Eskander, Nader, Raphael and Bahman in the 1960s and settled in Edmonton.
While the Ghermezians are best know for their mammoth malls complete with aquariums, amusement parks and mini-golf, their family-run company is involved in many different sectors. It has an energy division as well as a wholly owned subsidiary named First Nuclear Corp.
Triple Five said it had also signed agreements with several of the First Nations to provide them with Horizon Plus prepaid credit cards - another division of the company. The cards are to replace the cheques typically issued to distribute funds to members.
Saskatchewan is the world's largest producer of uranium and the small-c conservative Saskatchewan Party government has made no secret of its interest in expanding the industry.
Speaking with reporters earlier in the week, Premier Brad Wall said Triple Five contacted his party during last fall's election campaign to ask about its policy on resource royalties.
