Northwest Territories Diamond Companies Get Financial Boost

CBC News reported that the Northwest Territories is giving six junior mining companies “hundreds of thousands of dollars” from the Mining Incentive Program, a new fund aimed at “attract[ing] new mining investment to the territory.”

As quoted in the market news:

In a news release, Dave Ramsay, minister of Industry, Tourism and Investment, says the new fund is meant to help sustain exploration activity in a region where it’s expensive to operate.

The territorial government gave two prospectors $9,500 and $12,000 respectively, and six companies between $50,000 and $80,000 each, handing out a total of $396,044.

All of the recipients already have working projects in the N.W.T., such as Vancouver-based TerraX, which is exploring for gold near Yellowknife. That company is currently valued at about $17 million but failed to turn a profit last year. It received $50,000 from the incentive program.

Click here to read the full CBC News report.