Mining Revenues Significant to Nunavut and Northwest Territories
19 March 2015
Yellowknife, NT (March 19, 2015) The value of mining production has increased in the Northwest Territories and in Nunavut over the last year, according to Federal government statistics just released.
Preliminary estimates for 2014 mineral production posted by Natural Resources Canada (NRCan) show that the total value of NWT mining production is $1.886 billion, up $227 million (14%) from $1,659 billion in 2013. Of this:
- Diamond production value is $1.794 billion, up $234 million or 15% from to $1.561 billion;
- Tungsten value was down approximately 2% to $84.71 million; and
- Copper value is down by 17% to $1.86 million.
In Nunavut, the total value of mining production was $642 million, up 2% from $629 million. Of this:
- Gold production value was $639 million, up 2% from $627 million in 2014; and
- Silver production value was up 8% to $2.6 million from $2.4 million last year.
“The revenue and benefits produced from mining contribute greatly to the economic well-being of the NWT and Nunavut,” said Chamber of Mines President Brooke Clements. “When combined with mineral exploration, mining production provides the largest single private sector contribution to the economies of both territories. Since mines don’t last forever, the Chamber of Mines continues to rally governments to actively promote exploration and mining investment in the territories to discover and develop the mines of tomorrow. The keys to attracting investment are regulatory reform to create investment certainty and the supply of infrastructure and other incentives that can help address the higher cost of business in the North.”
See attached Backgrounder (click View Details below) for charts of the NWT and Nunavut data. Visit NRCan’s site here to examine detailed source statistics.
For more information on the NWT and Nunavut mining industries, please visit the website at www.miningnorth.com or contact Tom Hoefer, Executive Director at Tel: 867-873-5281 or email: email@example.com.