The NWT & Nunavut Chamber of Mines notes that mineral exploration in both the Northwest Territories and Nunavut has increased significantly in 2010 compared to last year.
According to modified forecasts of expenditures for 2010, estimated by Natural Resources Canada and released on Oct. 1, 2010, exploration in the N.W.T. in 2010 has climbed to $99 million from $29.5 million reported for 2009. This represents more than a 200% improvement, year-over-year, and an increase from the previous 2010 forecast of only $66 million made earlier this year.
Nunavut is experiencing a spike in exploration with revised forecast expenditures of $280 million for 2010, up about 50% from $189 million in 2009 and up from the earlier estimate of $238 million for 2010.
Across Canada, forecast mineral exploration expenditures total $2.8 billion for 2010 — an increase of 44% from 2009 — with Nunavut gaining 10% of these expenditures and the N.W.T. 3.3%. Nunavut continues to perform way above its weight, ranking fifth among all provinces and territories and behind only Ontario, Quebec, British Columbia and Saskatchewan.
“It is very encouraging to see this renewed interest in mineral exploration in both the N.W.T. and Nunavut. This is undoubtedly due to the improved worldwide economic outlook, particularly for metals, but also to improvements in the regulatory environment in both territories. Indications from government of intentions to reform the regulatory process have provided a new level of encouragement and we hope that this will continue and be converted into concrete action,” said John Kearney, president of the NWT & Nunavut Chamber of Mines.
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