The Northwest Territories mining industry is hoping more exploration will add a few more years to it’s life span.
The Territories’ Government says that since no other industry comes close to providing the financial benefits that mining does, investing in exploration could help the economy by bumping the industry past it’s 2024 best before date.
Minister of Industry, Tourism and Investment, Wally Schumann says the discovery and execution of new mines could help the NWT’s economy prosper longer, while keeping the middle class afloat in the North.
“We are on the verge of big opportunities for NWT mining, but getting there means doing all we can to support exploration and new mines. This means working with our Federal partners, as significant and meaningful investment in infrastructure will help us achieve economic prosperity and the middle class jobs Northerners deserve. We are taking leadership and involving our partners in our approach to assuring our territory’s economic health for the future for generations to come.”
Recorded data shows that in 2016, 1,667 Northern jobs were filled by NWT mining – pumping $818 million into local business spending; $325 million with Indigenous businesses.
The GNWT says to counteract the finite lifespan of diamond and gold mines, two possibilities could be to invest in lithium and cobalt. Both are found in the NWT and might be able to power the clean economy of the future.