Terry Halifax
Northern News Services

Inuvik (Sep 23/02) - Boasting annual revenues nearing $200 million, the Inuvialuit Development Corporation (IDC) recently celebrated 25 years of business in the North.

IDC chair Dennie Lennie said the business arm of the Inuvialuit Regional Corporation was incorporated in 1977, though a grant from the Committee of Original People's Entitlement (COPE).

"They received a $10 million enhancement fund and that's still on our books." Lennie said. "Today we have something like $130 million worth of assets, running revenues of $170 to $180 million per year."

With ventures on the air, ground and water, IDC has a lock on much of the freight and passenger traffic in and out of the North.

"We're very heavy into transportation," Lennie said.

IDC owns Aklak Air, half of Canadian North and the Northern Transportation Company Ltd. with Nunavut's Nunasi in their partnership company, NorTerra Inc. IDC also has a joint-venture with Canadian Helicopters.

Norterra also own Weldco-Beals -- a manufacturer of heavy- equipment attachments.

IDC opened the retail outlet Stanton Distributing about a year ago, offering warehouse packaged goods for wholesale and retail customers.

IDC recently bought out their partner in Inuvialuit Environmental which is doing contract environmental work both here and in Alberta.

They now own four drilling rigs with AKITA EQUTAK Drilling.

With technology hard-wired throughout the 30,000-square foot Inuvialuit Corporate Centre, the corporation found it more cost-effective to have an in-house tech team.

"We run our own tech service here now," Lennie said.

IDC also has numerous commercial and residential real estate with holdings.

"In 25 years, IDC should be a billion-dollar plus organization," Lennie said. "If the pipeline was to go ahead, we'd be heavily into the development side."