Mining has been a primary driver of the NWT’s economy for decades.
To attract more mining business to the territory and to generate greater interest in the valuable metals and minerals yet to be discovered, the annual Geoscience Forum was held Nov. 15-17.
The forum, held at the Explorer Hotel, focuses on resource development, minerals and petroleum.
“It’s composed of a trade show, where different companies or organizations showcase their work, and a series of technical talks that run for three days,” said Tom Hoefer, executive director of the Northwest Territories and Nunavut Chamber of Mines, “This year, we’ve added showcase talks with the trade show, discussing topics like mining updates, raising capital for Indigenous involvement in resource development, and critical minerals.”
Now in its 50th year, the forum serves as a platform for sharing ideas, comparing notes and learning from each other, according to Hoefer.
The NWT has a rich history of mining, particularly diamonds.
“The Northwest Territories is the third-largest producer of diamonds in the world, said Hoefer. “Our mines contribute one-third of the world’s production.”
However, he mentioned the challenges the industry faces as mines mature and eventually close. The need for reinvigorating exploration was emphasized, given the impending closure of the diamond mines over the next several years. The future of mining in the NWT is being reimagined, with lithium and critical minerals leading the way, he suggested.
Hoefer emphasized that critical minerals — a term used to describe minerals essential for the green revolution — are in high demand. These minerals are crucial for replacing fossil fuels with wind turbines, solar panels and electric vehicles. China currently holds a significant portion of the global supply, making the discovery of these minerals in other jurisdictions particularly important.
In Yellowknife, lithium deposits have been found just outside and to the north of the city. Several companies are exploring these deposits, with the ultimate goal of determining whether the quantity and quality of lithium present is sufficient for mining and making an entry into the world market. Lithium’s primary use is in rechargeable batteries, particularly for electric vehicles.
However, the hurdles to mining in the North are significant. A couple of issues that Hoefer pointed to include the region being more expensive to operate in than other parts of Canada, and additional support is needed. One proposed solution is a mineral exploration tax credit for the Northern territories, which would provide additional financial incentives for mining operations, he explained.
