Nunavut mining exploration drops off in 2012

Natural Resources Canada’s survey of mineral exploration companies forecasts 2013 northern exploration expenditures dropping in Nunavut and Yukon and rising in the Northwest Territories.

In Nunavut the survey shows companies spent $109.2 million less in 2012 than in 2011.

That figure could partially represent some of the financial loss from the decision of Newmont Mining Corp. to place its Hope Bay mine near Cambridge Bay into “care and maintenance.”

Natural Resources Canada’s latest semi‐annual report exploration expenditures, show:

• $93.8 million in the NWT;

• $535.7 million in Nunavut; and,

• $331.7 million in Yukon.

The survey also provides companies’ spending for 2012 at:

• $135.5 million in the NWT;

• $426.5 million in Nunavut, a decrease of $109.2 million (20 per cent) from the previous year; and;

• $291.7 million in Yukon.

“While NRCan provides no details to explain their survey results, we can say that the good news is that mining projects in both the NWT and Nunavut continue to advance through the approvals processes,” said Cathie Bolstad, president of the NWT and Nunavut Chamber of Mines, in a recent news release.

“Nunavut reached record investment levels last year due to its many large advanced projects and investment is still very robust. In fact, additional new projects have now entered the approvals stage.”

Natural Resources Canada’s data includes on‐mine‐site and off‐mine‐site activities, field work, overhead costs, engineering, economic and pre‐ or production feasibility studies, environment, and land access costs.

The graph from Natural Resources Canada shows how many millions of dollars mineral exploration has netted for the territories.