Canadian Mining Magazine highlights mining north of 60
November 10, 2012
The Fall issue focused on mining north of 60. Each territory has an active mining sector, with excellent prospects for growth.
- Yukon has 3 producing mines: the Minto copper mine, Bellekeno silver mine and Wolverine zinc mine. A total of about 750 employees are employed at the the mines. The value of metal produced from these three properties was about $420 million in 2011 and accounts for about 30 per cent of Yukon’s GDP. Victoria Gold, wasthe largest spender in 2011 with an estimated $100 million in development, done mainly on their Eagle Gold project near Mayo.
- NWT Last year diamond production was valued at just over $2 billion, exceeding by five times the contributions of mining to either the Yukon’s or Nunavut’s economies. Diamond mining continues to be secure in the short-term and the EKATI mine is not scheduled to close until 2019.
- Nunavut Agnico-Eagle’s Meadowbank gold mine settling into its third year of production, and significant other project investments, mining has risen to 15 per cent
of the economy.
- Yukon. The 2011 exploration expenditures in the Yukon in 2011 were $41.7 million by senior companies, while the junior companies spent $264.8 million. The main exploration targets in Yukon are gold, copper and tungsten.
- NWT Seven projects are in advanced planning, environmental review or permitting stages. The capital expenditures from these would top $2 B, with all expected to start construction in the next 5 years. The NWT is counting on the Gahcho Kue diamond mine project to go ahead. It would take two years and cost around $650 to 750 million once the assessment is complete. The main exploration targets in NWT are zinc, rare earths and diamonds.
- Nunavut With record mineral investment this year expected to top $550 million. Eight mining projects representing a capital investment to construct them of
more than $12 billion are possible within the decade. The main exploration targets in Nunavut are gold, uranium and iron ore.
After government, mining has grown into the second largest driver of economic growth in the North. The territorial governments, colleges and aboriginal organizations have done much to orient the labour market to these opportunities though training and education programs.
- a)Canadian Mining Magazine, Fall 2012, see http://flip.matrixgroupinc.net/cmmq/2012/fall/CMMQ%2004-12%20Final.pdf