Vancouver mining delegation labelled successful by GNWT
The Gahcho Kué diamond mine located 280 kilometers northeast of Yellowknife. Photo courtesy of DeBeers Canada.
The Government of the Northwest Territories is touting a successful week at the recent delegation in Vancouver.
Several Government bodies were in Vancouver to discuss the Territory’s economy at the 2018 Mineral Exploration Round Up conference. The focus was primarily on how to maintain the Territory’s mining sector through it’s believed 2024 best before date.
In a released statement, Premier Bob McLeod spoke about how the Government needs to come together to help keep the mining sector financially beneficial.
“Resource development plays an important role in the NWT Economy. The opportunity to engage with industry stakeholders at this conference allowed us as leaders to advance our objectives on growing the territorial economy. We need to work together to demonstrate the NWT’s support for mining and help it keep its place as an important source of jobs and income for NWT residents.”
Listed as ‘resource development’, the sector has seen it’s yearly profit margin fall nearly a billion dollars in the last decade, going from $1.8 billion of the NWT’s gross domestic product (GDP) in 2007 to $938 million in 2016.
Despite the fall, resource development remains as the Territory’s most profitable sector by just under $400 000 annually.