NEWS RELEASE: Mining Revenues Strong in Northwest Territories; pass $1 billion in Nunavut

Yellowknife, NT (March 11, 2019) Mineral production continues to be strong at over $2 billion in the Northwest Territories, and with production growth has surpassed $1 billion for two consecutive years in Nunavut according to recently released statistics posted by Natural Resources Canada.

Preliminary estimates for 2018 show that the total value of NWT mining production is $2.111 billion, up slightly by $6 million (0.3%) from $2.105 billion in 2017. Of this:

• Diamond production accounts for nearly the entire value (99.4%) at $2.097 billion, up slightly by $6 million (0.3%) from $2.091 billion; and
• With no other minerals produced in the NWT, sand, gravel, and stone production value accounts for the remaining $13 million.
In Nunavut, the total value of mining production for 2018 is estimated at $1.164 billion, up $125 million (12%) from $1.039 billion in 2017. Of this:
• Gold production value is $595 million, up $16 million (3%) from $579 million in 2017;
• Silver production value is $5.1 million, down $0.9 million (15%) from 6.1 million last year; and
• Iron ore is projected at $564 million, up $110 million (24%) from $454 million last year.
In Canada, preliminary estimates for 2018 production are $47.007 billion, an increase of $1.937 billion (4%) from $45.070 billion in 2017.

“These are great numbers, in that they also reflect strong employment, business and taxation investments and benefits for the North and for Canada,” said Chamber of Mines President Gary Vivian. “The statistics in both NWT and Nunavut reinforce why the mineral industry is the largest private sector contributor to both their economies.” He added, “In Nunavut, mining continues to grow, from zero production just a few years ago to more than one billion dollars in each of the last two years.

We expect this to grow further next year as a new Nunavut gold mine goes into production. In the NWT, on the other hand, we are conscious that diamond production is maturing and we need a rejuvenation of exploration to make new mining discoveries to sustain the current tremendous levels and benefits.”

The NWT has three mines producing diamonds: Ekati, Diavik and Gahcho Kué. Nunavut currently has three mines – one in each of the territory’s regions – producing gold and iron: Meadowbank, Mary River and Hope Bay, and a fourth mine is preparing to begin commercial production.

See attached Backgrounder for charts of the NWT and Nunavut data. Visit Natural Resources Canada’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 protected]

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