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The Arctic is a harsh and unforgiving environment; whether it’s the weather conditions, darkness or isolation, it’s a region that hasn’t seen much human activity relative to the rest of the world.
Seven nations have territory north of the Arctic Circle: Canada, the US, Russia, Finland, Sweden, Norway and, through its enduring ownership of Greenland, Denmark. Iceland is also regarded as an arctic nation despite not having any territory within the circle, and China has declared itself a “near Arctic state” — whatever that means.
The Arctic provides many opportunities by way of its historical resistance to human interference: It’s relatively untouched, and its changing climate means there are new opportunities to pursue in transportation, exploration and discovery — especially in the mineral resources space.
The Investing News Network (INN) reached out to representatives from three jurisdictions in North America for their thoughts on the mining industry in the Arctic north, and what sets the region — especially the harshest parts of the region — apart from the rest of the world.
Mining in the Arctic: Opportunities in the north
When asked what sets the Arctic apart from the rest of the world when it comes to the mineral resources industry, the common theme among the experts was exploration, or rather lack of exploration.
“The environment is a little more challenging to work in,” said Paul Budkewitsch, who is a manager of mineral resources with the Government of Nunavut. He said that the cold winters and a shorter summer season mean that exploration is limited.
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