This past year has seen growing hope over lithium discoveries east of Yellowknife, where more than a dozen companies acquired rights to explore for this important critical mineral.
Seeing a good stream of helicopters flying materials, geologists and drilling personnel back and forth this past winter certainly raised my optimism that lithium mining could be in the NWTSA国际影视传媒檚 future.
In the face of maturing diamond mines, might lithium save our economic bacon?
All too soon, the helicopter flights dried up and the drilling plans faded. ThereSA国际影视传媒檚 not a drill turning today.
WhatSA国际影视传媒檚 happened?
First off, why the interest in lithium?
Anyone using a cellphone or a laptop is benefiting from lithium batteries to power them. But theySA国际影视传媒檙e just chump change in the grander scheme. The huge leap to electric vehicles to address climate change is driving an unbelievable demand for lithium for their massive batteries. ItSA国际影视传媒檚 why youSA国际影视传媒檝e seen our federal government promise billions of dollars for battery plants by Volkswagen, Honda and others in Ontario and Quebec.
The expert on lithium and other critical minerals, the International Energy Agency (IEA), says lithium is the mineral facing the greatest demand and growth for the clean energy transition. Demand is set to rise almost three-fold over this decade alone; and 2050 could see 10-fold growth.
Importantly, the IEA says that there is not enough supply to meet the demand.
It seems like an opportunity for anyone with lithium in their backyard, like Yellowknife.
With lithium exploration booming in Ontario and Quebec, why the silent skies and parked drills here in the NWT?
Seems we need help in competing for investment dollars. While explorers here can get the Federal Mineral Exploration Tax Credit (METC), our provincial neighbours are offering provincial exploration tax credits on top of the METC, luring investors to their backyards. And given our costs are already higher, weSA国际影视传媒檙e being outgunned by these provinces.
Hats off to our premier then, who earlier this year vowed to SA国际影视传媒渨ork tirelessly to increase exploration and development and ensure that our residents have the opportunity to benefit from these resources.SA国际影视传媒�
This month, Premier R.J. Simpson stepped up to his promise and rallied his Yukon and Nunavut counterparts to pursue CanadaSA国际影视传媒檚 Finance minister to create a North of 60 Mineral Exploration Tax Credit (N60METC). Backed by solid economic analysis, Simpson recognized a N60METC makes sense to help level the exploration playing field and rejuvenate Northern exploration for the objective of finding new mines.
Well done, premier!
WeSA国际影视传媒檝e got your back on this, and we encourage you to keep your tireless pressure up with Ottawa. Our mineral-based economy, and the future of its private sector jobs and businesses are counting on your success.
Your successful efforts will make a difference to mineral exploration in the Northwest Territories which, of course, is the life blood of mining and the best opportunity for our economic well-being.
