https://www.cbc.ca/news/canada/north/
Measures include ramping up local diamond valuations, temporary property tax relief
The Northwest Territories government has announced several new policies aimed at propping up the territory’s diamond mines. The targeted measures are aimed to provide financial relief to diamond mines while low diamond prices, supply chain disruptions and potential U.S. tariffs wreak havoc on the industry.
Mining is the largest private-sector contributor to the N.W.T.’s economy, with the N.W.T. government saying its three operating diamond mines collectively account for about 20 per cent of the territory’s GDP. All three N.W.T. diamond mines reported losses in 2024, and mining companies called for government support earlier this month.
The measures include a temporary reduction in property taxes paid by N.W.T. mines to the territorial government — which should save the mines $11.2 million collectively — and allowing the Ekati and Gahcho Kue diamond mines to use around $4 million from a fund previously set aside for green projects to reduce mine emissions for general operations.
For the rest of this article: https://www.cbc.ca/news/canada/north/nwt-government-relief-for-ailing-diamond-mines-1.7514616