4 April 2016
Yellowknife, NT (April 4, 2016) The value of mining production has decreased in the Northwest Territories and in Nunavut over the last year, as they have in Canada according to Federal government statistics released in March.
Preliminary estimates for 2015 mineral production posted by Natural Resources Canada (NRCan) show that the total value of NWT mining production is $1.791 billion, down $92 million (5%) from $1.882 billion in 2014. Of this:
In Nunavut, the total value of mining production was $567 million, down $69 million (12%) from $636 million in 2014. Of this:
In Canada, preliminary estimates for 2015 production are also down to $42.766 billion, a drop of $1.134 billion (3%) from $43.900 billion in 2014.
“As price takers in the market place, our northern mines are not immune to global commodity prices. As a result, mineral production is down in all three northern territories, as it is in Canada. However, the revenue and benefits produced from mining continue to be important contributors to our economies,” said Chamber of Mines President Gary Vivian. “Markets are cyclical, and this will turn around in time. Of course, we still need to encourage exploration and investment to sustain our industry. Two mine closures in the NWT remind us of the importance of taking actions to attract exploration investment to help us find the mines of tomorrow. The keys to creating an attractive investment climate are regulatory reform and landlord clarity as well as increasing the supply of infrastructure and other incentives that can help address the higher cost of doing business in the North.”
See attached Backgrounder for charts of the NWT and Nunavut data. Visit NRCan’s site here to examine detailed source statistics.