YELLOWKNIFE (JUNE 7, 2017) – Nearly $1 million is being invested in the future of Northwest Territories (NWT) exploration and prospecting thanks to the Government of the Northwest Territories’ (GNWT) signature incentive program.
The Department of Industry, Tourism and Investment announced today the 2017-2018 funding recipients under the Mining Incentive Program (MIP) administered by their Northwest Territories Geological Survey division.
Seven corporate recipients and six prospectors were awarded funding for this coming year.
The MIP provides funding to qualifying exploration and prospecting projects to encourage work on existing projects as well as incent new projects in the NWT.
In March 2017, the GNWT announced funding for the MIP would be increased from $400,000 to $1 million — an adjustment designed to respond to an evolving operating environment since the program’s inception in 2014. This intake was the first under the new funding allowance.
MIP is part of the NWT Mineral Development Strategy (MDS), the guiding document for the GNWT’s approach to support a strong, stable mining and exploration industry.
Implementing the MDS to support mining as the foundation of the territorial economy is a commitment under the GNWT’s Mandate.
“Exploration is key to establishing new mines. In this time of financial challenges within global exploration, it is essential that the NWT remains a competitive and attractive jurisdiction. Investing in promising, well-managed projects is one of many ways our government acts to safeguard the millions of dollars in economic benefits and thousands of jobs that mining creates in the NWT.”
-Wally Schumann, Minister of Industry, Tourism and Investment
- $860,693.58 in funding has been allocated to corporate projects.
- $130,360.95 has been allocated to prospector projects.
- Funding requested increased by 152% compared to the 2015/2016 intake.
- Corporate projects can now receive up to $200,000 — double the availability from prior intakes.
- Prospectors can now receive up to $25,000 — a $10,000 increase from prior intakes.
- Mining contributed $640 million to the NWT’s GDP in 2016.
Senior Communications Officer
Department of Industry, Tourism and Investment
Ph: (867) 767-9202 ext. 63049