North: Mining boom to drive economic growth in territories beyond rest of Canada: report – by Ryan Ratrick Jones (CBC News North – July 12, 2019)

https://www.cbc.ca/news/canada/north/

The Conference Board of Canada says outlook rosy for Nunavut and Yukon, but N.W.T. in for a bumpy ride

Economic growth in the territories will outpace the rest of Canada over the next two years, driven by the strength of the mining sector in Yukon and Nunavut, according to the latest forecast from the Conference Board of Canada.

Yukon, the Northwest Territories and Nunavut are forecast to experience combined growth rates of 5.3 per cent in 2019 and 4.4 per cent in 2020, the independent research organization said in its summer territorial outlook, released on Wednesday. That’s compared with 1.5 per cent and 2 per cent across Canada’s 10 provinces.

“The near-term outlook is actually quite positive if we combine all three territories,” said Marie-Christine Bernard, director of forecasting for the Conference Board of Canada. “When you have a positive environment for mining, it generally also has positive effects in other areas of the economy.”

Below is a more detailed breakdown of the reports findings.

Nunavut

Nunavut is expected to post the strongest growth rate at 10.3 per cent this year, along with a steady average into the near future. The boom is being driven by high gold prices and a number of new and existing gold mining projects.

Meliadine gold mine, which opened ahead of schedule in May of this year, joins existing mines at Meadowbank and Hope Bay are anticipated to help the territory double gold production by next two years.

For the rest of this article: https://www.cbc.ca/news/canada/north/territorial-outlook-summer-2019-1.5209133

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