Diamond mines generate substantial employment, business and tax benefits: GNWT report
10 June 2019
(Yellowknife, NT – June 10, 2019) The Northwest Territories’ diamond mines continue to provide significant socio-economic benefits to NWT residents and businesses while generating substantial revenues to the territorial government, according to the 2018 Socio-Economic Agreement Report for diamond mines operating in the Northwest Territories report.
The report, tabled by the NWT Government on May 28 in the legislative assembly, includes introductory messages as well as business and economy, employment and participation, training, wellness, and engagement sections.
“This report clearly demonstrates how important diamond mining is in the Northwest Territories, to its people and its businesses, and to government through taxes and royalties,” said NWT & Nunavut Chamber of Mines President Gary Vivian. “This is an excellent report. One which shows the result of industry, communities, and governments working together to support the minerals industry,” he added. “It’s long overdue.”
Highlights of the 29-page report, which includes information and data spanning the period from 1996 through 2017, show the NWT diamond mines have generated the following:
- $14.6 billion spending with northern businesses (70% of total spend)
- $6.4 billion spending with northern Indigenous businesses
- Nearly $100 million in annual revenues to GNWT (yearly average over past decade)
- 44% of GNWT annual tax revenue (over past three years)
- $71.3 million royalties annually (average since 2008-09)
- 37.3% of territorial GDP in 2017
- 27,612 person years of northern employment (49% of total)
- 13,741 person years of northern Indigenous employment (50% of northern workforce)
To learn more about the benefits the NWT’s diamond mines provide, please see their most recent socio-economic reports here:
For more information on the NWT and Nunavut mining industries, or on how the industry works, please visit the Chamber of Mines websites at www.miningnorth.com or www.miningnorthworks.com or contact Tom Hoefer, Executive Director at Tel: 867-873-5281 or email: email@example.com.