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YELLOWKNIFE (June 9, 2014) – Minister of Industry, Tourism and Investment David Ramsay announced the new Mining Incentive Program in the Northwest Territories today.
The Mining Incentive Program (MIP) will provide funds to eligible prospectors and mining exploration companies that are already engaged in mining exploration projects or proposing new projects in the NWT.
“Mineral exploration and environmentally sustainable development are an integral part of our economy, but investment in the NWT has been declining in recent years,” said Minister Ramsay. “The Mining Incentive Program is an important step towards attracting new investment and encouraging grass-roots mining exploration, which is essential for ensuring the long-term growth of the mining industry.”
The creation of a Mining Incentive Program was a key objective outlined in the Mineral Development Strategy, developed in partnership by the Government of the Northwest Territories and the NWT and Nunavut Chamber of Mines.
“The mining industry has brought significant employment and business opportunities to residents of the NWT, but mines don’t last forever. We are happy to see the Mining Incentive Program and are hopeful that it will be an incentive for increased exploration investment in the NWT, which will help to sustain and grow the benefits resulting from mining,” said Chamber president Brooke Clements. “These incentives may also assist in developing a new generation of prospectors. We are pleased that the NWT Government, the new NWT landlord, is taking proactive steps under its Mineral Development Strategy to support the mining and exploration industry.”
The MIP is modelled after successful incentive programs offered by other Canadian jurisdictions, including Yukon, which experienced strong mineral exploration growth through the use of mineral exploration incentive programs following its devolution agreement.
The Mineral Incentive Program will be managed by the Northwest Territories Geoscience Office. Information about this contribution program, including application forms and submission deadline, is available at: nwtgeoscience.ca/minerals.
The creation of a socially responsible and environmentally sustainable Mineral Development Strategy and programs such as the Mining Incentive Program, will help to strengthen and diversify our economy, a key priority of the 17th Legislative Assembly.
For more information:
Director, Northwest Territories Geoscience Office
Government of the Northwest Territories
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