Sep 14 2012
It looks like the funding goal for money to compensate companies for losses when the Canadian Flathead was closed to development has been reached . . .
The Nature Conservancy of Canada (“NCC”) and The Nature Conservancy (“TNC”) today announced that, through a collaboration of public and private partners, more than $10 million has been raised to help remove the biggest ecological threat to British Columbia’s Flathead River Valley — a spectacular wilderness area that straddles the Canada-U.S. border.
Thanks to the generous funding contributions from the Government of Canada’s Natural Areas Conservation Program (NACP); Warburg Pincus, a leading global private equity firm focused on growth investing; and other private donors, the Canadian portion of the Flathead River Valley is now permanently protected from mining and other sub-surface development.
The Government of Canada contributed $5.4 million to the project through the NACP for the conservation of the Flathead River Valley. Warburg Pincus is contributing $2.5 million to the project–the largest private contribution.
The funding is being used by the British Columbia government to implement the Flathead Watershed Area Conservation Act, which was passed last year. The legislation permanently prohibits coal mining as well as exploration and development of oil, gas and mineral resources on nearly 400,000 acres (160,000 hectares) of land in southeast British Columbia.