NunavutSA国际影视传媒檚 mineral potential has always been evident. From gold, diamonds, to strategic minerals like zinc, copper, uranium and high-purity iron, the resources found in Nunavut are vital to national security, clean technology, advanced manufacturing and overall economic growth.
Its vast mineral wealth, strategic location and resourceful people position Nunavut as a key contributor to CanadaSA国际影视传媒檚 economy and security. Recent geopolitical events have resulted in enhanced interest in Canada's North, and Nunavut specifically, with respect to Arctic security and sovereignty concerns. Now is the time to strengthen CanadaSA国际影视传媒檚 Northern economy.
However, Nunavut's mineral potential is no longer enough to attract exploration investment. To ensure Nunavut plays a central role in CanadaSA国际影视传媒檚 future, three critical areas must be addressed: a North of 60 Mineral Exploration Tax Credit (N60METC), improving and streamlining the regulatory process and support to nation-building infrastructure projects.
Strengthening investment with a North of 60 tax credit
Global markets are increasingly competitive for investments in mineral exploration. A North of 60 Mineral Exploration Tax Credit (N60METC) is a vital initiative that can help attract exploration investments to Nunavut. While other jurisdictions are quick to attract investors with their lower operating costs and access to existing infrastructure, a N60METC would help level the playing field, attracting investment into grassroots exploration projects. Mining does not happen without an active exploration sector working to discover the next generation of mines.
Mining is already the backbone of NunavutSA国际影视传媒檚 private sector economy, contributing 46.7 per cent of GDP in 2023 and spending $2.35 billion in the territory. The value of mineral production from 1999-2024 (including estimated and preliminary values) is close to $20 billion. Increasing exploration investment would not only create jobs but also sustain local businesses and boost community development to ensure multi-generational long-term economic benefits are realized to Nunavummiut.
Regulatory streamlining to unlock growth
Despite its economic potential and co-management regime, NunavutSA国际影视传媒檚 mining sector still faces a lengthy regulatory process compounded by multiple permitting processes, excessive reporting and overlapping jurisdictional requirements, all of which can discourage investment and delay critical projects. At a time when global demand for resources is surging, Nunavut must position itself as a reliable jurisdiction for responsible development. Streamlining the regulatory process would ensure that projects meeting high environmental and social standards can proceed efficiently, providing economic stability and employment opportunities.
Since 2007, the mining sector has contributed 50,930 person-years of employment, including 6,685 in 2023 alone, yet there is room to improve and create even more opportunities, particularly for Inuit workers who currently represent 12 per cent of the mine workforce.
Supporting nation-building projects
Investment in infrastructure and strategic projects is essential for NunavutSA国际影视传媒檚 long-term success and CanadaSA国际影视传媒檚 national interests. Transportation initiatives such the Arctic Security Corridor (an overland connection from Grays Bay to the northern terminus of the Tibbitt-Contwoyto Winter Road), would unlock access to critical mineral resources in the Slave Geological Province, supporting North AmericaSA国际影视传媒檚 push for resource independence and reducing reliance on foreign supply chains.
Increased investment in multi-purpose infrastructure will support security initiatives, build stronger communities and facilitate responsible mineral development.
A future worth investing in
NunavutSA国际影视传媒檚 mining industry has already demonstrated its value, yet the territorySA国际影视传媒檚 full potential remains untapped. With targeted investment incentives, regulatory streamlining and infrastructure development, Nunavut can become a stronger economic pillar for Canada. In a world increasingly defined by resource security and geopolitical shifts, ensuring NunavutSA国际影视传媒檚 continued growth is not just an economic imperative SA国际影视传媒� it is a national priority. The time to act is now.
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