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The NorTerra story begins with Northern Transportation Company Limited (NTCL) and its 1934 birth as the marine service lifeline to the Mackenzie River watershed. Since then, NTCL has grown to become Canada's only pan-Arctic marine company. It is a foundation piece of the transportation infrastructure in the North and the cornerstone of the NorTerra Group of Companies, having been purchased from the federal government in 1985. I always like to point out that we financed this purchase completely with private sector dollars and retired the debt early through the efficient and profitable operation of the company. None of the land claims money that helped found NorTerra's two parent organizations - Nunasi Corporation and Inuvialuit Development Corporation - went into the purchase of NTCL.
During the 1990s, NorTerra grew using sound business principles to become one of Canada's top 500 companies. Building with corporate profits and private sector financing we diversified into southern Canada and then expanded our role as a major provider of northern infrastructure by acquiring Canadian North Airlines. Doing good business and making strategic investments have established NorTerra not only as a leader in the Arctic, but also as a major conduit to the southern business world for the people of the North.
And that brings me to the other great part of the NorTerra story - our beneficiaries, the people we serve and represent. They are the Inuit of Nunavut and the Inuvialuit of the Western Arctic. We use the term beneficiary because through the two corporations I mentioned above, these people own the NorTerra Group of Companies.
Our objective is to assist Inuit and Inuvialuit beneficiaries become meaningful participants in the economies of the Arctic and Canada as a whole. We do this in part by owning and operating the transportation infrastructure that connects them with each other and the rest of the world; when the people of the North own their infrastructure, they control their economic destiny. Our business ventures also create employment opportunities for our beneficiaries and we've expanded these through our new recruiting and career development program.
Our vision as we move ahead in the 21st century is to continue as a major player in Canada's Arctic, demonstrating leadership, business excellence and growth. Our infrastructure investments provide us with stability, profitability and a solid base for expansion. We'll keep telling our story with pride, particularly to the people we serve, so they will be inspired to join us and help write the chapters to come.
Carmen Loberg
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