22 January 2015
(Yellowknife, NT – January 21, 2015) Natural Resources Canada’s (NRCan) estimates of 2014 mineral exploration and deposit appraisal expenditures shows diminished spending in Yukon and Nunavut, but an increase in the Northwest Territories. NRCan’s latest report Exploration and Deposit Appraisal Expenditures, by Province and Territory provides the following expenditure data for 2014:
The majority of spending in the NWT was on diamonds; in Nunavut on precious metals. Junior companies spending in NWT in 2014 accounted for 55% of the total, while in Nunavut it was 52% of the total; major companies spent the rest. NRCan did not provide any data on spending intentions for 2015.
For Canada, total expenditure estimates for 2014 decreased to $2.12 billion, down $232.5 million (10%) from 2013. As a share of projected Canadian investment, Nunavut remains in fifth place, and the Yukon and NWT trade spots, with the NWT rising to sixth place and the Yukon falling to eighth place.
“These continue to be challenging times for funding exploration and mining projects, and NRCan is projecting even lower spending in Canada than last year,” said Brooke Clements, President of the NWT & Nunavut Chamber of Mines. “Nonetheless, Nunavut added a new iron mine to its economy in 2014, and construction commenced on a new diamond mine in the NWT. Both territories have additional advanced stage exploration and development projects, however we continue to face investment challenges along with much of the rest of the world. The Chamber of Mines will continue to encourage federal, territorial and Aboriginal governments to take steps to attract investment to this very important sector for the northern economy.”