Canada’s Northwest Territories Gets C$5.1 Million to Support Resource Sector

- March 7th, 2019

Representatives from the Canadian government took to this year’s PDAC to announce a C$5.1-million investment to support the resource sector.

Interview conducted by Scott Tibballs; article text by Georgia Williams.

Representatives from the Canadian Northern Economic Development Agency (CaNNor) and the Northwest Territories (NWT) took to this year’s Prospectors & Developers Association of Canada (PDAC) convention in Toronto to announce a C$5.1-million investment supporting the resource sector in the NWT.

The multimillion-dollar investment will be divided between two projects that will support resource development in the Slave Geological Province, an area that already hosts three diamond mines — Ekati, Diavik and Gahcho Kue — and could potentially reveal more diamond resources.

“The Government of Canada is committed to the creation of more good jobs, more economic growth and long-term sustainable development in the North,” said the Honorable Navdeep Bains, minister of innovation, science and economic development and the minister responsible for CanNNor.

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The earmarked capital will go towards the planning and construction of a much-needed all-season access corridor, allowing for year-round traffic in and out of the area.

The rest of the money will be used to complete aerial geophysical surveys of the region, which will then be used in mapping, development and construction by mineral exploration companies.

“Knowing where mineral deposits exist and being able to access them is the first step in attracting investment and growing the resource development sector,” he continued. “We know that similar projects in NWT in the past have led to significant economic development activity. These projects are building on that success.”

Canada’s largest mining investment conference was the backdrop for a number of Liberal government officials to reaffirm their commitment to mining investment and innovation.

Member of Parliament and former Parliamentary Secretary to the Minster of Natural Resources Kim Rudd attended an early morning breakfast seminar on Monday (March 4) to discuss the Canadian government’s Roadmap to SMRs (small modular reactors).

Rudd, whose riding is in close proximity to the Darlington Nuclear Generating Station, shared her support of nuclear energy as a way Canada can emerge as a leader in the green energy revolution.

“Canada is at the forefront of the nuclear development,” she told the breakfast crowd. “The future of the nuclear industry lies in SMRs.”

Prime Minster Justin Trudeau also stopped by the convention for a fireside chat about the importance of adequately funding the mining sector and the innovation needed to help projects become viable. He also touched on the need for more collaboration with indigenous communities and increased tax incentives.

“What we want as a country is to demonstrate that Canada is a good place to invest, a good partner to have in your business, and that means listening to your concerns and responding to them,” he noted.

The C$5.1-million investment into the north is part of the government’s widespread efforts to showcase Canada as a welcoming jurisdiction for all mining projects.

“This investment will increase access to the world-class mineral deposits located in the region and lower the cost of mineral exploration and development,” said Wally Schumann, minister of infrastructure and minister of industry, tourism and environment in the NWT.

“It also supports our efforts to advance our understanding of the full potential of this resource-rich region and provide publicly available data that will stimulate development and provide economic opportunities to residents and businesses of the NWT.”

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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