Financial Post – Resource-rich NWT begins rewriting its mining rules in an effort to attract investment.
Miners are one of the biggest private employers in the territory, but existing projects are close to the end of their lives and exploration interest has declined.
By Ashley Renders
Residents of the resource-rich Northwest Territories began consulting on a new Mineral Resource Act on Monday, a made-in-the-North piece of legislation aimed at making the territory more attractive for mining investment. As one of the largest private employers in the territory, mining is an important part of the economy and makes up one quarter of the region’s GDP. But existing projects are moving closer to the end of their lives and interest from exploration companies dropped, and then stagnated, years ago. Part of the reason is that mining laws and unsettled land claims have created uncertainty for investors. The government hopes to “redefine” its relationship with the industry through a modern piece of legislation that clearly explains how mining is supposed to be done in the territory. Residents now have the opportunity to help shape that legislation, which could affect their economy and environment for generations to come.