An Indigenous-led, Alberta-based coalition launched Wednesday with the intent to purchase the Trans Mountain pipeline once it is available for sale.

The Iron Coalition will provide members an opportunity to generate revenue through ownership of the pipeline that can be invested back into their communities with no capital costs.

“Iron Coalition’s principles are based on Indigenous groups coming together as a single Alberta-based entity to secure the best possible deal with direct benefits to our Indigenous communities,” said Chief Tony Alexis of the Alexis Nakota Sioux Nation.

They said 100 per cent of the proceeds would be directed back to each member community based on ownership share and community population.

“Our group recognizes the viability of the pipeline and that ownership will be beneficial to not only our communities, but to Canada as a whole,” said Alexis.

The group has sent letters to all Indigenous communities in Alberta, inviting them to join the organization.

Natural Resources Minister Amarjeet Sohi is "pleased" Indigenous communities are taking up interest in the project.

“We appreciate the interest from Indigenous communities and we want to make sure that resource development works for everyone, that economic opportunities are properly shared and prosperity is properly spread amongst all communities including indigenous communities," Sohi said.

Ottawa is scheduled to make a decision on Trans Mountain by June 18.