Fear that Teck mine’s fate might deter investors here – by Blair McBride (Northern News Service – February 29, 2020)

https://nnsl.com/nwtnewsnorth/

After Teck Resources shelved its Frontier oilsands mine proposal in northern Alberta on Feb. 23, some industry figures worry that Canada and the NWT will become less attractive for mining investment.

One of the main voices expressing that anxiety is the NWT & Nunavut Chamber of Mines, whose president Ken Armstrong issued an open letter to the public and Indigenous government leaders on Feb 25.

Armstrong pointed out that investors “need legal and policy certainty before investing” and while he noted that there are differences between mineral mining in the North and oilsands mining in Alberta, he questioned if investors would make that distinction.

“We are concerned that investors may not distinguish between the two, and may no longer want to invest in any resource development in Canada, including the Northwest Territories and Nunavut. This would not be good for either territory, given that our minerals industry is providing significant employment, business, royalty and other benefits to Indigenous Northerners and their governments.

“We are getting feedback from our industry members that the impact of Teck’s decision is being talked about by national and international investors. While we are hopeful that the NWT and Nunavut don’t get painted with that same brush, it would be good for leaders – territorial and Indigenous – to speak out in support of investment in a responsible and sustainable northern minerals industry that works with governments and communities to ensure benefits accrue to the territories and their residents.”

For the rest of this article: https://nnsl.com/nwtnewsnorth/fear-that-teck-mines-fate-might-deter-investors-here/

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