NNSL photo/graphic


NNSL photo/graphic
On the Inside:
The future brightens for Northern minerals and metals, according to News North's 32nd annual special report on Northern industry.

Industry News
On the Inside:
This report highlights what's happening in Nunavut and Northwest Territories Construction industries.

NNSL photo/graphic
On the Inside:
This report highlights what's happening in Nunavut and Northwest Territories Mining industry.

NNSL photo/graphicSection A
NNSL photo/graphicSection B

North American Tungsten's Cantung Mine near the Yukon-NWT border. The mine was declared abandoned and is now the property of the federal government. - photo courtesy of North American Tungsten
CanTung Mine abandoned
No bids means mine reverts back to feds, GNWT says

After six months under creditor protection, North American Tungsten Company Ltd. CanTung and Mactung properties now belong to the government.
ARROW Continued

See also:
News LinkGeoscience Forum expected to be bigger
News LinkBBQ resto to open
News LinkNWT leaders show off at PWNER
News LinkEkati bargaining talks go to Vancouver

Business Briefs Wednesday, November 25, 2015

Dominion Diamond reports slump in Q3

SOMBA K'E/YELLOWKNIFE - Dominion Diamond Corporation Thursday reported its 2016 third quarter fiscal results for the Ekati and Diavik diamond mines in the territory.

For the period of August through October this year, the company said sales were $145 million compared to $222.3 million during the same period last year.

Production numbers from Ekati also fell from a recovery amount of 0.8 million carats from 0.9 million tonnes of ore processed compared to 1 million carats from 1.1 million tonnes of ore processed during the same period last year.

As for development, Dominion said its Misery main kimberlite pipe, the location of a type of rock that sometimes contains diamonds, is still on track for first production in the first quarter of fiscal 2017.

Dominion also said that mining from the Pigeon pipe started this month.

Dominion called sales resilient during the quarter but said they were impacted by a "cautious market environment."

Korea House opens downtown

SOMBA K'E/YELLOWKNIFE - Yellowknife's newest restaurant, Korea House, soft-opened on Nov. 18. The new spot is located on 51 Avenue in between Thrive Medical and Subway.

Phil Moon Son is running the operation with his mom and other family members.

Earlier this year, Son travelled to Edmonton for specialty supplies. Korea House serves dishes such as bulgogi, dumplings, bibim bap and rice mixed with vegetables.

Akaitcho BDC has date for AGM

This year, the Akaitcho Business Development Corporation is holding their annual general meeting and awards ceremony on Dec. 9 at the Explorer Hotel.

Consumer prices rise two per cent

SOMBA K'E/YELLOWKNIFE - According to a new report from Statistics Canada, most prices in Yellowknife rose between October of last year and this year.

The report said the Yellowknife all-items Consumer Price Index rose two per cent compared to one year ago. By comparison, the annual price increase was one per cent for Canada, 1.5 per cent for Edmonton and 0.2 per cent in Whitehorse.

Most consumer prices in Yellowknife rose with the exception of shelter and alcoholic beverages and tobacco products. Higher prices included food (5.1 per cent), recreation, education and reading (five per cent) and clothing and footwear (3.6 per cent). However, these were offset by lower prices for fuel oil and other fuels (down 22.1 per cent) and gasoline (down 9.1 per cent).

The report also said the price for fuel oil and other fuel decreased by 22.1 per cent since October 2014, making these the lowest prices since winter 2010.

Northern stocks