A consortium of 13 Yukon First Nation development corporations is getting into the telecommunications infrastructure business, CBC Canada reports.

The newly-formed Yukon First Nations Telco LP bought $10 million worth of fibre optic infrastructure from Northwestel and agreed to lease it back to the telecom over the next 20 years. The companies made the announcement at the Arctic Indigenous Investment Conference in Whitehorse on Thursday.

Northwestel will make regular payments to Yukon First Nations Telco LP to use the fibre optics, and will also operate and maintain the network at its own cost, for the next 20 years. The payments will guarantee Yukon First Nations Telco LP a return on its investment.

The company said that it will have installed fibre optic cable in all Yukon communities by the end of 2023 except for Old Crow, which will receive faster Internet speeds through improved satellite service.